Bernstein analyst Connor Cerniglia raised the firm’s price target on WM (WM) to $260 from $255 and keeps an Outperform rating on the shares. The firm notes 2025 was a lackluster year for U.S. Waste stocks. The subsector outperformed the market in the first half of the year due to its defensive qualities ahead of a presumed recession triggered by tariffs which, ultimately, never came to be. That performance reversed in the second half of the year as investors rotated back into higher beta companies and weakness in the Recycling segment weighed on the Waste sector.
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