CIBC Raises Waste Connections (WCN) Price Target to $207

CIBC maintained its Outperformer rating on Waste Connections, Inc. (NYSE: WCN) on October 23, 2026, while raising its price target on the stock from $184.00 to $207.00. The research note arrived alongside updates from several other major Wall Street institutions evaluating the waste management firm. Waste Connections shares closed at $186.60 on the day of the announcement.

WCN Waste Connections, Inc.

$187.11 ▲ +8.16% year to date

1M 3M YTD

Daily close · Oct 23, 2026

CIBC's Call on Waste Connections

In its October 23, 2026 update, CIBC kept its Outperformer rating in place and lifted its target to $207.00 from its previous level of $184.00. The move aligns with a broader wave of target adjustments across the financial sector as analysts recalibrate expectations for the company.

Other Institutional Activity in Waste Connections

LMCG Investments grew its holdings by 6,388 shares, ending with 62,580 shares worth about $9,632,939.00. Royal Bank of Canada grew its holdings by 978,069 shares, ending with 13,188,665 shares worth about $2,461,004,969.00. Bank of Montreal /CAN/ grew its holdings by 529,653 shares, ending with 8,665,651 shares worth about $1,617,010,529.00. 1832 Asset Management L.P. grew its holdings by 342,885 shares, ending with 7,456,684 shares worth about $1,391,417,279.00. Mackenzie Financial Corporation reduced its holdings by 280,380 shares, ending with 4,699,732 shares worth about $876,970,019.00.

Waste Connections, Inc. Stock Up 9.9%

Waste Connections shares recently traded around $184.88. The stock trades above both its 50-day moving average of $161.29 and its 200-day moving average of $162.94.

Recent Earnings

Waste Connections reported trailing-twelve-month revenue of $9.94 billion and earnings per share of $4.46. The company posted a net profit margin of 11.4% and a return on equity of 14.2%, with year-over-year revenue growth coming in at 7.3%. Its next earnings report is scheduled for February 10, 2027.

Dividend

Waste Connections pays an annual dividend of $1.40 per share, which translates to a dividend yield of 0.83%. The payout ratio stands at 33.0%, reflecting the portion of earnings directed toward shareholder distributions.

Insider Buying and Selling at Waste Connections, Inc.

Officer Robert Nielsen III sold 300 shares on July 29, 2026, at an average price of $173.10 for a total value of $51,930.00. Susan Rhea Netherton sold 1,750 shares on August 13, 2026, at $166.00 per share, totaling $290,500.00. Philip Rivard sold 2,500 shares on August 18, 2026, at an average price of $166.57 for a total of $416,425.00. Later, on August 19, 2026, Robert Nielsen III sold an additional 700 shares at $170.00 per share, totaling $119,000.00. None of these transactions were reported as planned under a Rule 10b5-1 arrangement.

Analysts Set New Price Targets

Several other Wall Street firms updated their views on the stock on October 23, 2026. Citigroup maintained a Neutral rating while moving its price target from $175.00 to $192.00. Morgan Stanley reaffirmed its Overweight rating and lifted its target to $200.00 from $195.00. Oppenheimer maintained an Outperform rating and raised its target from $193.00 to $200.00. RBC Capital kept an Outperform rating while nudging its target up to $221.00 from $218.00. Across the broader analyst community, the stock holds a consensus strong buy rating and a mean price target of $202.48 based on 25 analyst opinions.

About Waste Connections

Headquartered in Woodbridge, Ontario, Waste Connections provides non-hazardous waste collection, transfer, and disposal services across the United States and Canada. The company serves residential, commercial, municipal, industrial, and exploration and production customers, while also operating recycling and landfill facilities.

Bottom Line

Investors will look toward the company's upcoming earnings release on February 10, 2027, for further updates on financial performance. Analyst price targets and institutional filing trends will remain key points of focus.