UPDATE: Imperial Capital Initiates Coverage on Waste Connections with Outperform Rating, $53 PT on Multiple Positive Factors

In a report published Wednesday, Imperial Capital analyst Scott Levine initiated coverage on

with an Outperform rating and $53.00 price target. In the report, Imperial Capital noted, “We are initiating coverage with an Outperform rating and a one-year price target of $53, 15% above the recent share price. We think WCN has one of the most attractive financial profiles in the waste industry, due to its defensive business model, attractive positioning in E&P waste, and capacity to add value via accretive capital allocation. Given best-in-class profitability and attractive growth prospects (including potential acceleration in both solid and E&P waste), we think its premium multiple is warranted.” Waste Connections closed on Tuesday at $46.03.