Waste Management price target lowered to $158 from $167 at BMO Capital

BMO Capital analyst Jeffrey Silber lowered the firm’s price target on Waste Management to $158 from $167 and keeps a Market Perform rating on the shares after its Q4 earnings miss. The company’s core solid waste business is performing well and Waste Management is advancing its significant pipeline of landfill gas projects, but the benefit from its sustainability-related investments doesn’t ramp-up until 2024/2025, the analyst tells investors in a research note. The firm further warns that the additional spending will weigh on Waste Management’s free cash flow in the near-term.