WM price target raised to $265 from $260 at Oppenheimer

Oppenheimer raised the firm’s price target on WM (WM) to $265 from $260 and keeps an Outperform rating on the shares. The firm notes shares traded up Tuesday after WM beat Q2 top-/bottom-line consensus, raised FY25 free cash flow guidance, and reiterated EBITDA midpoint on better margin outlook. Favorable mix, price-cost spread and opex discipline continue to drive outsized solid waste margin expansion, while reiterated EBITDA guidance demonstrates resiliency against commodity headwinds. Sustainability investment contributions and WMHS synergies appear to be tracking to or ahead of prior outlook, the firm adds.