Credit Suisse analyst Jamie Cook downgraded Advanced Disposal (ADSW) to Neutral from Outperform following last month's announcement that it will be acquired by Waste Management (WM). Given that both companies' boards of directors unanimously approved the transaction, Cook tells investors in a research note that he sees very little risk in terms of the deal not happening, and notes that the Canada Pension Plan Investment Board, which owns ~19% of Advanced Disposal's shares, has agreed to vote its shares in favor of the transaction. Cook raised his price target to $33 from $29 and sees the stock range bound until the deal closes.

Raymond James raised the firm's price target on WM to $229 from $219 and keeps an Outperform rating on the shares. WM's idiosyncratic multiyear capital deployment campaign towards sustainable projects continues to add an interesting wrinkle to the story in out years, the analyst tells investors in a research note. Its M&A capital deployment strategy should prove accretive and dynamic in time, and Raymond James views WM as a potential beneficiary of new PFAS regulations as they could capture a portion of remediation work in coming years.