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Investing.com - Stifel maintained its Buy rating on Waste Management (NYSE:WM) stock on Tuesday, highlighting expectations for significant free cash flow improvements in 2026. The waste management giant, currently valued at $85.34 billion, trades at a P/E ratio of 33.59, suggesting it may be overvalued according to InvestingPro Fair Value estimates.
The research firm pointed to an anticipated increase in free cash flow and free cash flow conversion as Waste Management completes its sustainability projects and brings them online, which should reduce related capital expenditures. The company currently generates a free cash flow yield of 3% based on last twelve months data.
Stifel noted that investor sentiment surrounding Waste Management’s Stericycle acquisition remains notably negative.
The firm suggested that stabilization of the ERP implementation could positively surprise investors, though Stifel is modeling this aspect conservatively in its analysis.
Waste Management is expected to see substantial financial benefits as sustainability spending decreases following the completion of ongoing projects.
In other recent news, Waste Management has been the subject of several key developments. The company announced a quarterly cash dividend of $0.825 per share, payable on December 19, 2025, to stockholders of record on December 5, 2025. Goldman Sachs initiated coverage on Waste Management with a Buy rating and a price target of $256, forecasting a 7.7% EBITDA compound annual growth rate from 2025 to 2027. Bernstein also initiated coverage with an Outperform rating and a $255 price target, highlighting potential growth from renewable investments. Additionally, Baird upgraded Waste Management’s stock rating to Outperform, raising the price target from $238 to $242 due to the stock’s valuation. Waste Management informed directors and executive officers of a temporary suspension of certain transactions under its Retirement Savings Plan as the company changes recordkeepers, with the blackout period expected to begin on December 24, 2025, and end in January 2026.
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