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Waste Management (WM) Stock Rated 'Overweight' at Barclays

NEW YORK (TheStreet) -- Waste Management (WM - Get Report) stock was initiated with an "overweight" rating and a $58 price target at Barclays on Thursday.

The Houston-based waste management company's rating was "due to an attractive relative valuation at 9.0x 2016E EV/EBITDA and 7% pa 2016E-18E EPS growth," Barclays said in a note.

The environmental service industry's overall rating is positive due to its stable demand outlook, the firm added.

"We expect share repurchases to insulate earnings growth if demand is weaker than expected and anticipate our coverage universe to return nearly $8bn in cash to shareholders through dividends and share buybacks in 2015-18E, an annual cash return of 4.1% compared to the group's current market capitalization," Barclays said of the industry.

Shares of Waste Management were up by 0.24% to $53.57 in mid-morning trading on Thursday.

Separately, TheStreet Ratings team rates WASTE MANAGEMENT INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their...