Waste Management price target raised to $163 from $160 at BMO Capital

BMO Capital raised the firm’s price target on Waste Management to $163 from $160 and keeps a Market Perform rating on the shares. The key takeaways from the company’s results were moderating cost inflation and the demonstrated ability to drive margin expansion, the analyst tells investors in a research note. The lower sustainability capex suggests a slower ramp-up of earnings, but the firm has increased its near-term earnings estimates on improved margins in the core solid waste business, boosting its FY23 view by 7c to $5.98, BMO added.