Republic Services' 2023 Already Shaping Up, Says This Analyst

Raymond James analyst Patrick Tyler Brown raised the price target for Republic Services, Inc. RSG to $155 (an upside of 9%) from $143 while maintaining the Outperform rating on the shares.
The analyst mentions that following years of steady growth, RSG has refocused its efforts across the board that has seemingly sparked a new level of emphasis on growth & profitability.
Through both organic & M&A channels, RSG is posting some of the strongest growth in a decade, he added.
Brown is enamored with RSG’s focus on challenging assumptions in efforts to drive margins & FCF generation/conversion higher, which could provide upside to estimates.
The analyst noted that combined with a strong acquisition pipeline and the roll-over benefit of ECOL, management believes double-digit top-line growth is within sight.
Brown believes a story may be brewing at the margin line in 2023, given the strong expectation for pricing.
Price Action: RSG shares are trading higher by 0.44% at $142.52 on the last check Monday.