Republic Services downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Toni Kaplan downgraded Republic Services to Equal Weight from Overweight with an unchanged price target of $199. The firm says that with the stock trading two standard deviations above its historical valuation average, it sees a more balanced risk/reward from here, particularly as it expects core price to moderate in 2024. While pricing in the industry remains stronger than pre-pandemic, pricing growth will moderate as inflation normalizes, the analyst tells investors in a research note.