WM assumed with a Sector Perform at RBC Capital

RBC Capital analyst Sabahat Khan assumed coverage of WM with a Sector Perform rating with a price target of $211, up from $189. The company is a solid operator with industry-leading scale in the North American Waste industry, but while it is well-positioned to execute on its core business and sustainability growth initiatives over the near-term, this outlook is also fairly reflected in the current share price, the analyst tells investors in a research note. The stock is currently trading at 15.6- and 14.3- times its expected 2024 and 2025 EBITDA vs. a last 3-year enterprise value to expected next-twelve-month EBITDA average of 13.9-times and a long-term average of 11.3-times, the firm added.