Citi analyst Bryan Burgmeier raised the firm’s price target on Waste Management to $215 from $203 and keeps a Buy rating on the shares. The analyst updated estimates and rolled forward valuations to 2025 estimated free cash flow as part of the firm’s 2024 waste services outlook. The group enters 2024 with a bullish net price setup as cooling costs are met with lagging contracts, the analyst tells investors in a research note. The firm says relative stock performance may be dictated by recession versus soft landing debates as waste historically outperforms in market corrections but may lag in a normalizing economy. Citi’s top pick is Republic Services (RSG).
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