WM price target raised to $240 from $220 at Truist

Truist raised the firm’s price target on WM to $240 from $220 and keeps a Buy rating on the shares after its Q4 earnings beat. The company’s organic growth was driven by 5.1% yield and 0.3% volume growth, while the management also boosted its FY24 EBITDA guidance on cost efficiencies in Collection & Disposal and price/cost spread tailwinds, the analyst tells investors in a research note. WM’s sustainability investments should also approach an inflection point as RNG project comes online in late-FY24, the firm added.