Covanta (NYSE:CVA) Receives a Downgrade
Stifel Nicolaus has given Covanta (NYSE:CVA) shares a new Hold rating in an analyst research report sent to clients and investors on Monday morning. This was a ratings downgrade from the previous Buy rating.
From a total of 11 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 $20.45 with a 24.15% above today’s ($16.11) stock price. Covanta was the topic of 9 analyst reports since October 8, 2015 according to the firm StockzIntelligence Inc. Oppenheimer initiated shares on December 3 with “Outperform” rating. Credit Suisse initiated CVA stock in a recent report from November 6 with “Neutral” rating.
The stock closed the day at $16.11 during the previous session. It is down 22.36% since May 4, 2015 and is downtrending. It has underperformed by 21.28% the S&P500.
Covanta Holding Corporation is a holding company. The company has a market cap of $2.15 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).