The Globe and Mail reports in its Wednesday, April 9, edition that Citi analyst Bryan Burgmeier has lowered his earnings expectations for North American waste services companies for 2025 by an average of 3 per cent. The Globe's David Leeder writes in the Eye On Equities column that this adjustment reflects his revised assumptions of lower volumes in both the second and third quarters. The changes are primarily attributed to anticipated softness in special waste streams following the announcement of U.S. tariffs. Mr. Burgmeier says in a note: "Given a high level of uncertainty throughout the economy, special waste projects (mostly soil from construction/real-estate activity) could be delayed or cancelled. Across our coverage, we assume volumes could be down low single digits year-over-year in 2Q & 3Q with a double-digit decline in special waste but resilient MSW volumes. Despite trimming estimates, we maintain a positive view on the group as waste is (of course) a good place to ride out a recession or macro instability." Mr. Burgmeier continues to rate GFL Environmental "buy." His GFL share target fell to $53 (U.S.) from $56 (U.S.). Analysts on average target the shares at $51.39 (U.S.).