JPMorgan analyst Tami Zakaria downgraded GFL Environmental (NYSE: GFL) from Neutral to Underweight with a price target of $42.00 (from $49.00).

The analyst comments: "Following Monday’s announcement regarding the proposed acquisition of Secure Waste (SES CT, not covered), we are downgrading the shares of GFL to Underweight from Neutral with a Dec 26 PT of $42. We believe the relative risk-reward vs. solid waste peers is unattractive at current levels and the pending acquisition should be a catalyst for valuation de-rating. Our Dec 26 PT is based on ~12x FY1 EV/EBITDA and ~10x our pro-forma 2027 estimates should the acquisition close in 2H26."

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Shares of GFL Environmental closed at $38.95 yesterday.