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Fly News Breaks for May 17, 2019
WM, ADSW
May 17, 2019 | 08:35 EDT
Credit Suisse analyst Jamie Cook downgraded Advanced Disposal (ADSW) to Neutral from Outperform following last month's announcement that it will be acquired by Waste Management (WM). Given that both companies' boards of directors unanimously approved the transaction, Cook tells investors in a research note that he sees very little risk in terms of the deal not happening, and notes that the Canada Pension Plan Investment Board, which owns ~19% of Advanced Disposal's shares, has agreed to vote its shares in favor of the transaction. Cook raised his price target to $33 from $29 and sees the stock range bound until the deal closes.
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