• Raising target by $4 to $68
• WM shares have outperformed over the past quarter, rising 8.5% while the S&P 500 has advanced 5.6%.
• We recently moved the stock to the BUY list, and expect the recent positive momentum to continue.
• Management believes that its higher-margin Collection and Landfill businesses are poised for growth and has accelerated its share repurchase program.
• The company recently announced a 6.5% increase in the dividend and added $1 billion to its share buyback program.