Fly News Breaks for January 23, 2020
WM, RSG, WCN
Jan 23, 2020 | 05:48 EDT
JPMorgan analyst Stephanie Yee downgraded Waste Connections (WCN) to Neutral from Overweight with a price target of $98, up from $96. The analyst cites valuation for the downgrade. Since December, the waste stocks have returned 7% while the S&P 500 has gained 6%, Yee tells investors in a research note. The analyst continues to like the waste names "for their relatively steady margins and cash flow," but she finds the stocks fully valued at this point in time. Yee also keeps Neutral ratings on both Republic Services (RSG) and Waste Management (WM) into the Q4 reporting season.
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