WM upgraded to Outperform at Scotiabank after underperformance

As previously reported, Scotiabank upgraded WM (WM) to Outperform from Sector Perform with a price target of $250, up from $225. The stock has underperformed and the firm now sees upside risk to its guided Stericycle synergies, which moves up the multiple and target, the analyst tells investors. More broadly on waste and environmental services, the firm maintains a favorable long-term view on the sector, given pricing power, M&A momentum, upside in free cash flow conversion from sustainability, and “shareholder-friendly capital discipline,” the analyst added.