Covanta Holding Corp. Downgraded by Raymond James to Outperform (CVA)
Covanta Holding Corp. (NYSE:CVA) was downgraded by research analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a report released on Monday, TheFlyOnTheWall.com reports. They currently have a $23.00 price target on the stock, down from their previous price target of $24.00. Raymond James’ price objective indicates a potential upside of 6.98% from the stock’s previous close.
Covanta Holding Corp. (NYSE:CVA) traded down 0.93% during mid-day trading on Monday, hitting $21.30. 205,558 shares of the company’s stock traded hands. Covanta Holding Corp. has a 52 week low of $16.96 and a 52 week high of $21.89. The stock has a 50-day moving average of $21.44 and a 200-day moving average of $20.55. The company has a market cap of $2.748 billion and a price-to-earnings ratio of 63.05.
Covanta Holding Corp. (NYSE:CVA) last announced its earnings results on Wednesday, July 17th. The company reported $0.10 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.05 by $0.05. The company had revenue of $413.00 million for the quarter, compared to the consensus estimate of $402.71 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Analysts expect that Covanta Holding Corp. will post $0.44 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on CVA. Analysts at Wedbush raised their price target on shares of Covanta Holding Corp. from $22.00 to $24.00 in a research note to investors on Tuesday, August 27th. They now have an “outperform” rating on the stock. Separately, analysts at Wunderlich raised their price target on shares of Covanta Holding Corp. from $23.00 to $25.00 in a research note to investors on Monday, August 26th. Finally, analysts at Ardour Capital reiterated a “hold” rating on shares of Covanta Holding Corp. in a research note to investors on Tuesday, August 20th. They now have a $21.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $22.90.
Covanta Holding Corporation (NYSE:CVA) is a holding company.
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