William Blair initiated coverage of GFL Environmental (GFL) with an Outperform rating. The firm sees over 20% shared upside over the next 12 months in its base case and over 40% upside in a bull case. GFL has recently reached a “point of optimal” business mix and balance sheet leverage, the analyst tells investors in a research note. Blair views the company as the “cleanest” near-term growth story in solid waste. The company’s double-digit free cash flow growth will drive shareholder returns above the solid waste peer average over the medium term, contends Blair.
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