Wunderlich Securities Comments on Waste Management CFO Shake-Up
Wunderlich Securities released a research report today providing color on Waste Management's (NYSE: WM) management changes as current CFO Steve Preston leaves the company to be succeeded by internal hire Jim Fish. Wunderlich Securities has a $35 price target and Hold rating on the company.
In the report, Wunderlich Securities stated, "Changes at this level in the executive suite add uncertainty. Unfortunately, without a macro garbage market volume lift (think construction) there is not much in the near term to ameliorate that uncertainty. That said, there also is little or no downside risk barring a plummet in paper prices from current levels. Alternatively, with a fresh face coming from the field, maybe new ideas that can be implemented quickly are in the offing, too."
Shares of Waste Management were trading at $33.34 at the time of posting, down 0.33% from Tuesday's market close.
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