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GFL Environmental Price Target Raised to C$82 at CIBC

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CIBC Capital Markets raised its price target on GFL Environmental. (GFL.TO, GFL) to C$82 from C$76.

Analyst Kevin Chiang maintained an outperformer rating on shares of the waste-management company following media reports that GFL's sale process has advanced.

The stock rose C$2.64, or 4.6%, to C$59.54 on the Toronto Stock Exchange Friday.

"Even if GFL decides to remain a public company, we view these recent developments as raising the floor valuation for the company and suggesting that its equity was overly penalized back in April/May," Chiang said in a note to clients.

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