Deutsche Bank on Thursday reiterated its buy rating on the shares of Waste Connections (WCN.TO. WCN) and its US$218.00 price target following the company's third-quarter results.
"For 3Q, results were slightly better on revenue (+0.2% vs Street) and EBITDA (+0.5% vs Street); the company saw slightly improved seasonal volumes and raised overall pricing contribution to 6.5% (from at least 6.0%) reflecting solid execution and retention across regions. The company highlighted that incremental acquisitions completed YTD represent $300m of annualized revenue with a robust solid waste pipeline and strong ongoing activity. Margin expansion in the quarter was above expectations but relatively muted (+10 bps YoY) mainly due to 70 bps drag from lower commodity/RIN prices, noting that underlying margins expanded +80 bps in 3Q," the investment bank noted.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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