Waste Management price target lowered to $165 from $177.50 at Scotiabank

Scotiabank lowered the firm’s price target on Waste Management to $165 from $177.50 and keeps a Sector Perform rating on the shares. The analyst says waste companies provide investors with attractive and predictable free cash flow growth prospects in an uncertain macro environment. However, when yields rise, equity multiples often compress, the analyst tells investors in a research note. The firm believes higher yields will continue to weigh on waste multiples.