Stifel analyst Michael Hoffman raised the firm’s price target on Republic Services to $187 from $175 and keeps a Buy rating on the shares. FY23 saw the market assume the worst for Solid Waste but was proven wrong, and FY24 likely is more of the same and another year of above-average margin expansion on disciplined price/cost spread, plenty of M&A and more likely tailwinds than headwinds from recycling/RINs, the analyst tells investors in a research note.
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