Stericycle price target raised to $62 from $50 at Truist

Truist raised the firm’s price target on Stericycle (SRCL) to $62 from $50 and keeps a Hold rating on the shares, matching the acquisition price, after the company announced that it was being acquired by Waste Management (WM). Waste Management shareholders may be surprised by the deal announcement, but the firm sees “real synergies” with the Stericycle RWCS business, though it is less clear on Shred-It’s fit with the existing portfolio, the analyst tells investors in a research note. Stericycle shareholders will view valuation as fair based on mid-teen enterprise value toe expected EBITDA multiples for scale non-medical hazardous waste assets in recent years, Truist added.