Covanta downgraded to Market Perform from Outperform at BMO Capital » 05:4204/0704/07/20
BMO Capital analyst…
BMO Capital analyst Jeffrey Silber downgraded Covanta Holding to Market Perform from Outperform with a price target of $8, down from $18. While the company's core business could see some minimally negative impact from the COVID-19 virus, commodity-related pressures, in particular lower metals pricing, will likely be greater, Silber tells investors in a research note. Further, companies with large debt burdens ,such as Covanta, may struggle to attract interest in its stock in the current environment, adds the analyst.
|Over a week ago|
Covanta downgraded to Neutral from Buy at Goldman Sachs » 16:4104/0204/02/20
Goldman Sachs analyst…
Goldman Sachs analyst Brian Lee downgraded Covanta to Neutral from Buy with a price target of $10, down from $17. The company is currently better positioned than it was during the 2008-09 recession since about 75% of its business is tied to the more stable Waste segment, the analyst tells investors. However, Lee also sees a difficult setup for the stock given Covanta's high debt leverage at about 6-times and a lack of significant growth catalysts until 2022-23.
|Over a month ago|
Fly Intel: After Hours Movers » 19:0302/2002/20/20
EHTH, AERI, ZIXI, BAND, DBX, NCMI, TXRH, SFM, GLOB, SSRM, PRA, CATM, SBAC, FND, BXRX, S, TRUE, FSLR, LTHM, ZS, APPN, CNDT, BOOM, PBYI, BLDR, FSLY, BYD, ENV, CUBE, BJRI, ROG, COG, OLED, OEC, NBR, CVA, VICI, ASPN, FIT
UP AFTER EARNINGS:…
UP AFTER EARNINGS: eHealth (EHTH) up 17.7%... Aeri Pharma (AERI) up 15.1%... Zix Corp (ZIXI) up 11.9%... Bandwidth (BAND) up 11.7%... Drobox (DBX) up 10.9%... National CineMedia (NCMI) up 8.0%... Texas Roadhouse (TXRH) up 7.2%... Sprouts Farmers (SFM) up 6.1%... Globant (GLOB) up 5.1%... SSR Mining (SSRM) up 4.4%... Pro Assurance (PRA) up 3.2%... Cardtronics (CATM) up 2.4%... SBA Communications (SBAC) up 1.9%... Floor&Decor (FND) up 1.4%. ALSO HIGHER: Baudax Bio (BXRX) up 21.5% after FDA approval of Anjeso for pain management... Sprint (S) up 5.2% after modifying T-Mobile combination closing as early as Apr. 1st. DOWN AFTER EARNINGS: TrueCar (TRUE) down 23.5%... First Solar (FSLR) down 13.7%... Livent Corp (LTHM) down 13.2%... Zscaler (ZS) down 12.3%... Appian Corp (APPN) down 10.6%... Conduent (CNDT) down 9.7%... DMC Global (BOOM) down 9.7%... Puma Biotechnology (PBYI) down 8.1%... Builders FirstSource (BLDR) down 7.7%... Fastly (FSLY) down 5.7%... Boyd Gaming (BYD) down 5.0%... Envestnet (ENV) down 4.3%... CubeSmart (CUBE) down 4.1%... BJ's Restaurants (BJRI) down 3.9%... Rogers Corp (ROG) down 3.9%... Cabot Oil (COG) down 3.8%... Universal Displays (OLED) down 2.9%... Orion Engineered Carbons (OEC) down 2.6%... Nabors (NBR) down 2.6%... Covanta Holding (CVA) down 2.4%... Vici Properties (VICI) down 1.9%... Aspen Aerogels (ASPN) down 1.6%... Fitbit (FIT) down 1.2%. Movers as of 18:30ET.
Covanta sees 2020 adjusted EBITDA $415M-$445M 16:3202/2002/20/20
Covanta reports Q4 EPS 9c, consensus 7c » 16:3102/2002/20/20
Reports Q4 revenue $485M,…
Reports Q4 revenue $485M, consensus $480.68M.
|Over a quarter ago|
Covanta should respond positively to China EfW facility deal, says BMO Capital » 08:2812/1212/12/19
BMO Capital analyst…
BMO Capital analyst Jeffrey Silber keeps his $18 price target and Outperform rating on Covanta after the company announced a deal to build a new energy-from-waste facility in Zhao County, China. The analyst contends that the project represents a "strategic base for a significant market opportunity" for the company and expects the stock to respond positively.
Covanta to build new energy-from-waste facility in Zhao County, China » 16:2212/1112/11/19
Covanta has signed a…
Covanta has signed a concession agreement with Zhao County, China for the construction and operation of a new Energy-from-Waste facility. The facility will provide a sustainable waste solution to the county and nearby jurisdictions. The project is being developed jointly by Covanta and a strategic local partner. China's EfW capacity targets are supported by a preferential tariff on the purchase of electricity from EfW facilities and other beneficial regulations that prioritize development of EfW infrastructure. In light of these policies, over 200 new EfW facilities are expected to be built between 2020 and 2030. A 30-year concession agreement guarantees waste supply under a build-own-operate-transfer structure. Facility construction is to be project financed, with total capital cost of approximately $100M. Covanta will be a project equity partner and will provide construction oversight services. Construction is expected to begin in early 2020 with completion in less than two years.
Jefferies initiates Environmental Services sector » 19:0711/2111/21/19
WM, RSG, WCN, CLH, SRCL, CWST, CVA
Jefferies analyst Hamzah…
Jefferies analyst Hamzah Mazari initiated select names across the Environmental Services sector as part of his broader research note covering the Business Services industry. The analyst has a Buy rating on Republic Services (RSG), Waste Connections (WCN), and Casella Waste (CWST) with respective $100, $106, and $52 price targets. Mazari notes that the higher landfill pricing stands to benefit Republic Services given its growth-positioned asset base and also believes that the strong portfolio mix support Waste Connections and Casella Waste. The analyst rates Clean Harbors (CLH) with Underperform and a price target of $75 with concerns that its current mix benefits of growth in 70% of its revenue base look unsustainable. Mazari rates Stericycle (SRCL), Waste Management (WM), and Covanta (CVA) at Hold with $68, $120, and $16 price targets and respective views of volume growth being priced in to valuation, limited visibility on medical waste portfolio rationalization, and uncertainty around pricing recovery in power/metals.
Covanta initiated with a Hold at Jefferies » 17:4011/2111/21/19
Jefferies analyst Hamzah…
Jefferies analyst Hamzah Mazari initiated coverage of Covanta with a Hold rating and $16 price target.
Three Part Advisors to hold a conference » 04:5511/2111/21/19
ZIXI, MCX, VOLT, CVA, PCTI, IVAC, RUBI, CHRA, TLRA, GHM, HY, SDPI, TPB, KLIC, SMTX
Southwest Ideas Conference will be held in Dallas on November 20-21.