Truist analyst Tobey Sommer initiated coverage of GFL Environmental with a Buy rating and $46 price target. The company is approaching a pivot that should allow it to realize untapped efficiency from a portfolio built through years of debt-fueled acquisitions, and this inflection is poised to drive above-peer pricing growth with 100bps of annualized margin expansion and about $2 in 2025 free cash flow per share, the analyst tells investors in a research note, adding that its self-financing acquisitions should be multiple enhancing and reduce cost of capital. GFL’s declining leverage should also drive improved cash conversion and an investment-grade credit rating for the company, Truist added.
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