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Highlights
• Citigroup lifted GFL Environmental’s price target to USD 58 with a “buy” rating.
• Multiple brokerages issued bullish ratings, with targets ranging from USD 57 to USD 60.
• Shares reflect a potential 14.84% upside from the company’s prior close.

GFL Environmental Inc. (NYSE: GFL) has drawn renewed attention from equity analysts following an upward revision to its price target. Citigroup increased its price objective from USD 56.00 to USD 58.00 while reiterating a “buy” rating in a note released Monday. Based on the company’s last closing price, the revised target represents an anticipated upside of approximately 14.84%.

Several other brokerages have also updated their outlook on GFL Environmental in recent weeks. Raymond James Financial reaffirmed its “outperform” rating and slightly raised its target to USD 57.00 on May 2nd. Scotiabank increased its price target to USD 60.00 while assigning a “sector outperform” rating, and Royal Bank of Canada moved its price objective to USD 59.00 with an “outperform” designation. Seaport Res Ptn and National Bank Financial went a step further, both upgrading GFL Environmental to “strong-buy” ratings in early May.

The company last reported quarterly earnings on July 30th. GFL Environmental posted earnings per share of USD 0.19, meeting consensus estimates. Revenue came in at USD 1.23 billion, below analyst projections of USD 1.68 billion, but reflected a 5.9% increase compared to the same quarter last year. The firm reported a net margin of 48.53% and a return on equity of 3.71%. In the prior year’s comparable quarter, GFL Environmental posted earnings per share of USD 0.29. Analysts currently forecast full-year earnings of approximately USD 0.58 per share.