Wolfe Research initiated coverage of Waste Management with a Peer Perform rating as part of a broader research note on Environmental Services. The sector has clear historical outperformance during downturn and offers attractive barriers to entry and pricing power, with smaller players able to grow via M&A, the analyst tells investors in a research note, adding that the firm sees resilient pricing power and incremental upside from recycling, automation, and cost cutting. The company is also the largest name in the space, has the highest dividend, and is the highest profile way to play the group, but it has limited growth opportunities that move the needle given its large size, Wolfe added.
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Read More on WM:
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