In a report released today, Noah Kaye from Oppenheimer maintained a Buy rating on Waste Management (NYSE: WM), with a price target of $92. The company’s shares closed yesterday at $82.45.
Kaye observed:
“We hosted meetings last week with WM CEO Jim Fish, as well as Chuck Boettcher (SVP, Batchelor (VP Egl (Senior Director IR & Field Finance). We believe continued strength in solid waste fundamentals positions WM well for the balance of FY18. Near-term headwinds from recycling are, in our view, unlikely to push guidance lower, and company actions could make recycling a tailwind in FY19 at current commodity prices. Over the longer term, WM sees an accelerated pace of industry consolidation among the market leaders, driven by M&A, increased competition costs, and technology diffusion. Using technology to differentiate from its peers, we see WM maintaining its industry leadership moat at an attractive valuation.”
According to TipRanks.com, Kaye is a 4-star analyst with an average return of 5.7% and a 53.6% success rate. Kaye covers the Industrial Goods sector, focusing on stocks such as Rockwell Automation Inc, BorgWarner, and Cummins.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Waste Management with a $91 average price target.
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Based on Waste Management’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.51 billion and net profit of $396 million. In comparison, last year the company earned revenue of $3.68 billion and had a net profit of $362 million.
Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is negative on the stock.
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Waste Management, Inc. engages in provision of waste management environmental services. It operates through the following business segments: Tier 1. Tier 2 and Tier 3. The Tier 1 segment comprises exclusively of areas in the Southern United States. The Tier 2 segment comprises predominately of areas located in the Midwest and Northeast United States.
