Morgan Stanley Cuts Waste Connections (WCN) Price Target to $195

Morgan Stanley has reiterated its Overweight rating on Waste Connections and set a price target of $195, a 17.03% upside from the current price.

By TradeTexts Research Desk · Published Oct 16, 2026, 2:11 PM EDT

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Morgan Stanley cut its price target on Waste Connections, Inc. ($WCN) to $195 from $205 on October 13, 2026, and rates the stock "Overweight".

Since the rating, $WCN is up 9.3% to date (from the $153.67 close on Oct 13, 2026).

WCN Waste Connections, Inc.

$167.90 -2.95% year to date

Daily close · Oct 16, 2026

Key Points

On October 13, 2026, Morgan Stanley reiterated its Overweight rating on Waste Connections, Inc. with a price target of $195, down from $205.
Morgan Stanley's $195 price target implies 17.03% upside from Waste Connections, Inc.'s ($WCN) current $166.62 share price.
As of October 16, 2026, Waste Connections shares were recently traded around $166.62, about 14.6% below the analyst's target.
The company has a trailing twelve-month revenue of about $9.76 billion and is scheduled to report earnings on October 20, 2026.

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Morgan Stanley has reiterated its Overweight rating on Waste Connections, Inc. (NYSE: WCN) on October 13, 2026, setting a price target of $195. This target is lower than the previous $205.

Waste Connections shares were recently traded around $166.62 as of October 16, 2026, which is about 14.6% below Morgan Stanley's price target. This rating comes amid a mixed sentiment from other analysts on Wall Street, with various firms adjusting their targets in recent weeks.

Other Institutional Activity in Waste Connections

Vanguard Capital Management LLC reduced its stake by 58,667 shares, ending with 15,797,275 shares worth about $2.65 billion. Royal Bank of Canada added 978,069 shares, bringing its total to 13,188,665 shares valued at approximately $2.21 billion. Vanguard Portfolio Management LLC increased its holdings by 97,988 shares, totaling 11,232,978 shares worth about $1.89 billion. Bank of Montreal added 529,653 shares, reaching 8,665,651 shares valued at around $1.45 billion. Additionally, 1832 Asset Management L.P. grew its position by 342,885 shares, ending with 7,456,684 shares worth about $1.25 billion.

Waste Connections, Inc. Stock Up 7.3%

The shares are currently below the target price and have seen various adjustments in analyst ratings recently.

12-month forecast

$WCN price target

Waste Connections, Inc. daily closes and this analyst's $195 target. Not advice.

Recent Earnings

Waste Connections reported trailing twelve-month revenue of approximately $9.76 billion, with a net margin of 10.9% and a return on equity of 13.0%. The company is set to announce its next earnings on October 20, 2026.

Insider Buying and Selling at Waste Connections, Inc.

Several insiders sold shares recently, including Officer Robert Nielsen III, who sold 300 shares at an average price of $173.10 on July 29, 2026. Susan Rhea Netherton, also an Officer, sold 1,750 shares at $166.00 on August 13, 2026. Philip Rivard, another Officer, sold 2,500 shares at $166.57 on August 18, 2026. Lastly, Robert Nielsen III sold 700 shares at $170.00 on August 19, 2026.

Analysts Set New Price Targets

On October 13, 2026, Morgan Stanley maintained its Overweight rating on Waste Connections with a price target of $195, down from $205. Earlier, JP Morgan had maintained its Overweight rating with a target of $180, while CIBC kept its Outperformer rating with a target of $184. The consensus from analysts shows a mixed sentiment with varying price targets.

About Waste Connections

Waste Connections, Inc. provides waste management services across the U.S. and Canada. The company focuses on non-hazardous waste collection and disposal, serving various customer segments including residential and commercial clients. With a strong revenue base and solid market presence, the recent analyst ratings reflect varying outlooks on its future performance.

Bottom Line

Investors should watch for Waste Connections' upcoming earnings report on October 20, 2026, as well as any further updates from analysts. Morgan Stanley's reiterated rating and adjusted price target highlight the ongoing analysis of the company's market position.