As previously reported, Raymond James upgraded Waste Management to Outperform from Market Perform and established a $95 price target following the Q4 beat and above Street guidance. Analyst Patrick Tyler Brown said Waste Management posted its best topline trend in two decades, has shifted its baseline free cash flow and cash flow conversion higher, and is levered to an improving CPI environment. Brown believes the Street is underestimating broad-based strength in the waste industry and said Waste Management is trading at a discount despite a more defensible-growth model.