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UPDATE: JP Morgan Initiates Covanta Holding at Overweight on Cash Generation

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Covanta Holding Corp Added To Wedbush's Best Idea List, Rated Outperform With PT Of $27.00
Top 4 Mid-Cap Stocks In The Waste Management Industry With The Highest Gross Margin

JP Morgan initiated coverage on Covanta Holding Corporation (NYSE: CVA) with an Overweight rating and a $23.00 price target.

JP Morgan noted, "We view CVA as a unique story in waste, with an energy from waste (EfW)-focused, cash-generative business model that offers both stability and opportunistic upside potential. Overseas markets offer renewed potential for growth, and we think management remains committed to return any excess cash to investors, a strategy we expect to resonate well with investors. Our $23 YE13 PT assumes a modest premium (consistent with historical norms), which we think is warranted, given CVA's robust FCF profile and healthy growth prospects."

Covanta Holding closed at $18.75 on Monday.

Latest Ratings for CVA

DateFirmActionFromTo
May 2015BairdUpgradesNeutralOutperform
Feb 2015BarclaysMaintainsEqual-weight
Jan 2015BarclaysMaintainsEqual-weight

View More Analyst Ratings for CVA
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Initiation Intraday Update Analyst Ratings

 

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