Why Has Oppenheimer Given Covanta (NYSE:CVA) a $21 Price Target
Oppenheimer analyst began coverage with a “Outperform” rating on Covanta (NYSE:CVA) today and set a price target of $21. The company’s shares opened today at 16.71.
From a total of 10 analysts covering Covanta (NYSE:CVA) stock, 7 rate it a ”Buy”, 0 a “Sell”, and 3 a ”Hold”. This means that 70% of the ratings are positive. The highest target price is $25 while the lowest target price is $17. The mean of all analyst targets is $20.4 with a 18.92% above today’s ($16.7) stock price. Covanta was the topic of 8 analyst reports since October 8, 2015 according to the firm StockzIntelligence Inc. Barclays Capital maintained shares on November 19 with “Equal-Weight” rating. Imperial Capital maintained CVA stock in a recent report from October 29 with “Outperform” rating.
Approximately 76,844 shares of stock traded hands. Covanta Holding Corp (NYSE:CVA) has declined 20.21% since April 30, 2015 and is downtrending. It has underperformed by 19.92% the S&P500.
Covanta Holding Corporation is a holding company. The company has a market cap of $2.22 billion. Through its subsidiaries, the Company owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. It currently has negative earnings. Energy-from-waste serves two markets as both a sustainable waste management solution and as a source of clean energy.
According to Zacks Investment Research, “Covanta Holding Corporation is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. Covanta’s Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy.” Get a free copy of the Zacks research report on Covanta Holding Corp (CVA).