As previously reported, Goldman Sachs analyst Isaac Ro upgraded Stericycle to Buy from Neutral and raised his price target to $66 from $57, citing his view that management changes "are a significant clearing event" and his belief that the company's new EPS guidance is now "sufficiently conservative" to support a higher multiple. His analysis of prior turnarounds in Med Tech point to a need for three key ingredients: arrival of a new CEO; lowering of expectations; and execution. With two of three now checked off, Ro said he thinks operational execution is "not far off" for Stericycle, he tells investors.

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.