Stifel raised the firm’s price target on Waste Connections to $175 from $168 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. Stifel says Waste Connections is a top pick for 2024.
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