Jefferies raised the firm’s price target on Republic Services to $225 from $213 and keeps a Buy rating on the shares. The renewable natural gas, or RNG, opportunity for the waste players remains underappreciated, argues the firm, which estimates RNG projects can add 10%-15% to base earnings and lift margins 100-200 basis points. Based on increased confidence in these RNG projects and their P&L impacts, the firm lifts its waste coverage price targets by 5%-15%.
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