Wunderlich Reiterates Hold, $35 PT on Waste Management
Wunderlich Securities reiterates its Hold rating and $35 price target on Waste Management (NYSE: WM) following a meeting with the company's EVP, Steven Preston.
Wunderlich notes, "His message was focused on three points: cost structure gains - spend smarter and run operations better; "Customer Focused Growth" - big customers with lots of volume; and converting waste to higher value - long-term more organics will be extracted as an energy source. WM seeks to be on the front edge of that potential trend. ...A catalyst for an upgrade would be initial evidence of cost-cutting success and increased visibility on the size of the potential impact to annual FCF."
WM closed at $31 per share on Friday.
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