As previously reported, Stifel analyst Michael Hoffman upgraded Waste Management (WM) to Buy from Hold and raised his price target on the stock to $115 from $103 and also upgraded Advanced Disposal Services (ADSW) to Buy from Hold and raised his target on its shares to $35 from $30 after the companies announced a deal to combine. Even with potential divestitures to get the deal approved, adding Advanced Disposal "dramatically lowers" Waste Management's cost of capital, reduces capital spending, converts more of the fleet to CNG, and stimulates tuck-in activity that should all drive sustainable free cash flow growth, contend Hoffman.