The Globe and Mail reports in its Tuesday, April 23, edition that National Bank Financial analyst Rupert Merer has reaffirmed his "outperform" recommendation for GFL Environmental. The Globe's David Leeder writes in the Eye On Equities column that Mr. Merer trimmed his share target back by a loonie to $55. Analysts on average target the shares at $52.75. Mr. Merer reduced his first quarter projections for GFL Environmental to reflect a weaker-than-anticipated Canadian dollar, lower fuel and commodity prices, less contribution from M&A and higher interest rate forecasts. Mr. Merer says in a note: "GFL could see $800-million of internal FCF generation in '24E, supporting roughly $600-million to $650-million for tuck-in M&A and $250-million to $300-million of investments into sustainability initiatives. Its EPR-related investments in 2024E should also add $40-million to $50-million in adj. EBITDA annually. While leverage has been a concern, we do not believe that GFL's investments should change the trajectory of its deleveraging process, and it should close the gap with its peer group. Including M&A and other growth investments, GFL should finish 2024 with net leverage in the 3.65 to 3.85 times range."