WM price target lowered to $235 from $240 at Truist

Truist lowered the firm’s price target on WM (WM) to $235 from $240 but keeps a Buy rating on the shares as part of a broader research note on Environmental Services companies. The sector should continue to benefit from widening price/cost spread as pricing remains elevated on lagging CPI resets while labor and supply chain related expense growth should continue to moderate on a sequential basis, the analyst tells investors in a research note. Truist warns that WM could come under pressure in the next 12 months due to skepticism around its Stericycle (SRCL) deal, though it also sees potential long-term synergies of the acquisition as “compelling”, the firm adds.