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UBS makes trio of rating changes in environmental services
The Fly

UBS makes trio of rating changes in environmental services

As previously reported, UBS analyst Jon Windham upgraded Casella Waste (CWST) to Buy from Neutral with a $95 price target, up from $90, as he sees upside to 2023-24 consensus estimates. In the same note on the North America Environmental Services group, Windham downgraded Republic Services (RSG) to Neutral from Buy with a $145 price target, down from $160, and downgraded Waste Management (WM) to Neutral from Buy with a price target of $165, down from $190. In 2022, municipal solid waste stocks provided capital protection, but their spot as a "safe haven" is largely priced-in at this point so he pivots his Buy recommendations to names with higher inorganic growth and upside earnings surprise potential, said Windham, who continues to identify Waste Connections (WCN) as his top pick in the space.

Published first on TheFly

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