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

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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
Nov 2016BarclaysUpgradesEqual-WeightOverweight
Aug 2016MacquarieInitiates Coverage onNeutral
Aug 2016BarclaysMaintainsEqual-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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