Investors turn noses up at waste after analyst mixed bag

Clean Harbors

12/04/2022 15:53

** Investors were giving garbage and waste handling companies a
mixed review on Tuesday with Waste Management  WM.N  down 0.8%
at $162.85 after one brokerage downgraded the stock, another
raised price target for WM and others in the sector
    ** BMO analyst Devin Dodge downgrades to 'market perform'
saying struggles to find near-term catalysts to push stock
higher. Says solid waste industry fundamentals favorable and co
previously outlined robust pipeline of expansion projects but
believes "current share price captures this upside."
    ** Meanwhile Oppenheimer's Noah Kaye raised PT for WM to
$174 from $165, noting waste sector outperformance vs broader
market since late-February’s geopolitical upheaval 
    ** "With the group historically faring well in a rising rate
and riskoff environment," Kaye sees fundamentals "evincing the
business model’s strength during high-inflation periods, with
pricing, productivity and commodities helping mitigate
inflationary pressures and, along with continued M&A strength,
setting up likely positive estimate revisions."
    ** Kaye whose top picks are Republic Services  RSG.N  and
Clean Harbour  CLH.N , upped RSG PT to $149 from $143. RSG last
down 0.3% at $135.39 
    ** Kaye raised Waste Connections  WCN.N  PT to $152 from
$144 but stock down 0.5% at $142.91
    ** CLH shares were the outperformer of the group on Tuesday
last up 0.5% at $108.61

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com;))