UPDATE: Oppenheimer Raises PT on Stericycle Following CEO Meeting

In a report published Monday, Oppenheimer analyst Scott Schneeberger reiterated an Outperform rating on Stericycle

, and raised the price target from $105.00 to $115.00. In the report, Schneeberger noted, “We recently met with CEO Charlie Alutto and infer SRCL continuing to deliver strong core organic growth, with 2013-2014 upside potential from emerging drivers Patient Communication and particularly StrongPak (hazardous waste offering to retailers). StrongPak contributed upside to 4Q12 overall organic growth, and is well positioned to capture incremental elevated growth as big box retailers increasingly adopt outsourced solutions to hazardous waste disposal in an increased regulatory enforcement environment. Furthermore, with core organic/acquisitive growth intact for the foreseeable future, we anticipate investors gravitating to SRCL's relatively dependable ("safe") growth profile in the current market environment.” Stericycle closed on Friday at $104.24.