Enviri price target raised to $19.50 from $19 at BMO Capital

BMO Capital analyst Devin Dodge raised the firm’s price target on Enviri (NVRI) to $19.50 from $19 and keeps a Market Perform rating on the shares. With the key regulatory conditions now cleared, the Clean Earth transaction should close in about 3 weeks, and while there was no update to the expected cash distribution, the firm suspects the better-than-feared Q1 results should take the low end of the range off the table, the analyst tells investors in a research note. BMO adds it is taking a cautious view on the trading multiple for New NVRI on challenging underlying fundamentals and lingering free cash flow drag in Rail.