Market Overview

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

Related CVA
Canadian Solar's Unit Signs Largest Canadian EPC Contract - Analyst Blog
Covanta Inks 5-Year Waste Disposal Deal with City of Boston - Analyst Blog

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.

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

 

Most Popular

Related Articles (CVA)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters