Wunderlich Securities Reiterates Buy and PT of $21 on Covanta Holding Corporation

Wunderlich Securities reiterated its Buy rating on Covanta Holding Corporation CVA. At the same time, Wunderlich left its price target unchanged at $21. In a research report published today, Wunderlich states, "We reiterate our Buy rating and $21 target on Covanta (CVA) shares. Post 1Q11 results, CVA reaffirmed FY11 guidance and again followed through on its commitment to return cash to shareholders with $54 million of share buybacks in 1Q11. FCF guidance for 2011 is $250-$300mm before project debt repayment. CVA expects to have $235-$285mm of cash available in FY11 that it can return to shareholders and/or use for development projects." At the moment, Covanta is trading at $16.56, or 1.35% above yesterday's close.