The Bingo Industries Ltd (ASX: BIN) share price has continued its strong run and stormed to a new all-time high.
During trade today the waste management company's shares climbed 3% to $2.00.
This means that its shares have now gained over 11% since hitting the ASX board at a listing price of $1.80 at the start of May.
Why have its shares performed so well?
The key catalyst is likely to have been a broker note out of Macquarie last month which revealed that its analysts had initiated coverage on the company with an outperform rating and a $2.33 price target.
According to the note, Macquarie was attracted to the company due to it operating in a growing industry with low levels of cyclicality.
Another waste management company which has performed strongly on the ASX in the last 12 months is Cleanaway Waste Management Ltd (ASX: CWY). Its shares are up 61% since this time last year.
