GFL Environmental downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded GFL Environmental (GFL) to Underweight from Neutral with a price target of $42, down from $49, following the company’s proposed acquisition of Secure Waste. GFL’s relative risk/reward versus its solid waste peers is unattractive at current levels and the pending acquisition “should be a catalyst for valuation de-rating,” the analyst tells investors in a research note. JPMorgan believes the company’s lower margin profile and high leverage versus its larger peers warrant a relative discount.