Market Overview

UPDATE: Goldman Sachs Reinstates Coverage on Waste Connections with Neutral Rating, $40 PT

Share:
Related WCN
Earnings Scheduled For July 27, 2015
Benzinga's Top Upgrades
Waste Connections' (WCN) CEO Ron Mittelstaedt on Q2 2015 Results -- Earnings Call Transcript (Seeking Alpha)

In a report published Wednesday, Goldman Sachs Group reinstated coverage on Waste Connections (NYSE: WCN) with a Neutral rating and $40.00 price target.

Goldman Sachs noted, “We have removed the Not Rated designation from Waste Connections (WCN) shares. We have a Neutral rating on WCN with a 12-month price target of $40. On October 25, 2012, WCN completed the acquisition of R360 Environmental Solutions, a leading provider of non-hazardous oilfield waste treatment, recovery and disposal services. While we like WCN's position in MSW (76% of revenues), and enhanced top-line revenue growth profile driven by R360's leverage to structural growth in US energy production, we rate the stock Neutral as it provides less leverage to the recovery we see in MSW. We note that based on our 2014 estimates, WCN trades at a 21% and 13% discount to its 10-year average P/E and relative P/E, compared to RSG and WM which trade at a 26%/18% and 25%/17% discounts, respectively.”

Waste Connections closed on Tuesday at $32.92.

Latest Ratings for WCN

DateFirmActionFromTo
Jul 2015MacquarieMaintainsOutperform
Jul 2015KeyBancUpgradesSector WeightOverweight
Apr 2015Stifel NicolausMaintainsBuy

View More Analyst Ratings for WCN
View the Latest Analyst Ratings

Posted-In: Goldman Sachs GroupAnalyst Color Initiation Analyst Ratings

 

Related Articles (WCN)

Get Benzinga's Newsletters