Jefferies analyst Sean Dodge says competitive pricing data and three separate analyses indicate Stericycle will have to concede $120M-$150M in price to retain the bulk of its domestic small quantity regulated medical waste client base. This compares to management's $130M estimate and appears to be well below the amount the stock is currently pricing in, Dodge tells investors in a research note. He notes that he's seen some estimates as high as $365M. The analyst sees Stericycle's valuation improving as concessions track toward his estimate. Further, tax reform could add meaningfully to Stericycle's earnings next year, Dodge writes. He keeps a Buy rating on the shares with an $83 price target.

Completed previously disclosed workforce reduction in the first quarter of 2024 and are on track to realize an estimated $40-$45 million of in-year cost savings.