CVA - Covanta upgraded at Barclays on resilient operations despite COVID

Covanta ([[CVA]] +12.7%) climbs to its highest in nearly five months after Barclays upgrades shares to Overweight from Equal Weight with a $12 price target, raised from $11, citing valuation and strategic changes.Covanta has proven much more resilient than Wall Street expected, with back-to-back strong EBITDA beats in two consecutive COVID-hit quarters, Barclays analyst Moses Sutton says.The macroeconomic backdrop is proving shaky, which led to Covanta shares retracing from $11 to below $8, "and yet, against expectations, CVA has returned to pre-COVID pricing trends (mostly)," Sutton says. "All-in, 2020's adjusted EBITDA profile is not too different than 2019; plant maintenance is the larger driver, not as much the price and volume turbulence investors feared months ago."Leading Covanta's strategic review will be newly appointed President and CEO Michael Ranger, named last week to replace Stephen Jones, who led the company for the past six years.CVA shares have mostly bounced around the

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Covanta upgraded at Barclays on resilient operations despite COVID