JP Morgan Maintains Neutral Rating on Republic Services (RSG), Lifts PT

On May 23, JP Morgan raised the price target on Republic Services, Inc. (NYSE:RSG) from $229 to $275 and maintained a Neutral rating on the stock.

The firm updated the price target after it resumed its coverage of the waste services sector. Republic Services, Inc. (NYSE:RSG) has soared more than 26% on a year-to-date basis and is currently trading close to its 52-week high of $253.76. The noted that the company’s risk-reward situation appears balanced.

JP Morgan Raised the Price Target on Republic Services (RSG)

A fleet of trucks carrying recyclable materials, highlighting the company’s transfer services.

Earlier, on April 24, Republic Services, Inc. (NYSE:RSG) reported its Q1 2024 results. The company posted better-than-expected EPS of $1.58 surpassing market expectations by $0.05. Revenue for the quarter grew 3.81% year-over-year, however, missed the consensus by $36.48 million. Management noted the topline was affected by sluggish cyclical volumes and challenging winter weather, however, the company grew its EBITDA by high single-digit despite the volatility.

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