UBS analyst Jon Windham upgraded Waste Management (WM) to Buy from Neutral and raised his price target for the shares to $103 from $90. The analyst believes increasing equity cash returns and Waste's "relatively lower" 2.4 times net debt to EBITDA will drive "more defensive relative performance in 2019." The stock trades at a 50 basis point free cash flow yield discount to Republic Services (RSG), Windham tells investors in a research note. The analyst sees potential for this gap to narrow after Waste Management's board recently authorized a 20% increase in its share buyback program.