BofA raised the firm’s price target on Casella Waste to $92 from $86 and keeps an Underperform rating on the shares, stating that the company capped off a “transformational 2023 on a high note” with “solid” Q4 results and “positive” 2024 guidance. While the firm updated estimates post Q4 and believes a higher multiple is warranted given higher pricing, it struggles to see valuation upside from here given constrained free cash flow yield, lower liquidity and no dividend.
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