Republic Services upgraded to Buy from Hold at Truist

Truist analyst Tobey Sommer upgraded Republic Services (RSG) to Buy from Hold with a price target of $220, up from $192. Valuation looks attractive at about a 10% discount to direct Solid Waste peers WM (WM) and Waste Connections (WCN), says the analyst, who is “growing increasingly optimistic” around Republic’s margin expansion potential. Leverage has now declined to the lowest in the group and the firm believes the company has a wide pipeline of accretive tuck-in opportunities, the analyst tells investors.