Casella Waste downgraded to Hold from Buy at Jefferies

Jefferies downgraded Casella Waste (CWST) to Hold from Buy with a price target of $113, down from $115. The firm cites valuation and its expectations of below peer average margin expansion and moderated acquisition activity in 2025 for the downgrade. In the waste group, Jefferies favors companies with idiosyncratic stories, benefiting from defensive business models, improving organic growth, and steady margin expansion. It finds Casella Waste’s valuation “hard to justify.”