After meeting with Stericycle CEO Charlie Alutto, Stifel analyst Michael Hoffman said he believes Alutto understands that the company needs to revisit its message and may need to "shrink to grow." Hoffman predicts the company will give conservative FY18 guidance in February and may possibly write-down some businesses as a precursor to a sale, though he doesn't see the company as far enough along to identify any "assets-held-for-sale." Hoffman, who also expects the company to refocus its message around its high quality free cash flow, reiterates his Buy rating and $85 target price on Stericycle shares.

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.