GFL Environmental downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Devin Dodge downgraded GFL Environmental to Market Perform from Outperform with a price target of $42, down from $43. The stock has gained about 25% since early June, with significant optimism for the potential sale of the company’s Environmental Services division already reflected in the stock, but should a transaction not materialize, GFL Environmental could give back some of its recent gains, the analyst tells investors in a research note. BMO adds that it would consider a more constructive view for GFL Environmental n a pullback in valuation or progress in narrowing the solid waste EBITDA margin gap relative to peers.