UPDATE: Wedbush Raises PT to $30 on Waste Management on Long-Term Restructuring Plan
Wedbush reiterated its Underperform rating on Waste Management (NYSE: WM) but raised its price target from $29 to $30.
Wedbush commented, "We are maintaining our negative stance on shares of Waste Management (WM). Despite well-known headwinds from lower prices expected from the sale of recycled fibers, the benefits from recent headcount reduction and organizational realignment are expected to be partially offset by inflationary costs, suggesting 80-90 bp improvement in 2013 versus 2012. … In the interim, the headwinds from recycled fiber prices, mix of revenues (less franchise and more open market) and capital return projects are more favorable."
Waste Management closed at $32.08 on Friday.
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