RBC Capital Markets raised its price target on GFL Environmental Inc. (GFL.TO, GFL) to US$52 from US$48.
Analyst Sabahat Khan maintained an Outperform rating on shares of the Canadian waste management company.
"GFL reported Q3 results that were in line with consensus (Solid Waste business continues to perform well) and reiterated its 2024 guidance," Khan said in a note to clients.
"With results checking all the boxes, investor focus... was on the company's commentary regarding the Environmental Services (ES) auction process (proceeds from the sale expected to be a minimum of $6 Billion after taxes)," the analyst said.
"Overall, we remain constructive on GFL shares given strong underlying results, the potential for a 'cleaner' story following the sale of the ES business, and a valuation that is still at a discount to peers."
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