Morgan Stanley Raises WCN Price Target to $200

On October 23, 2026, Morgan Stanley maintained its Overweight rating on Waste Connections, Inc. (NYSE: WCN) while raising its price target from $195.00 to $200.00. The research note was issued alongside updates from several other major Wall Street firms tracking the waste management provider. Waste Connections closed at $186.38 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

Morgan Stanley's Call on Waste Connections

In its research note published on October 23, 2026, Morgan Stanley kept its Overweight rating on the stock and bumped its price target up to $200.00 from $195.00. The firm joins a busy slate of analysts updating their models on the company.

Other Institutional Activity in Waste Connections

Large financial institutions adjusted their positions in the waste services provider ahead of the autumn updates. Royal Bank of Canada grew its holdings by 978,069 shares, ending with 13,188,665 shares worth about $2,458,103,447.0. Bank of Montreal /CAN/ lifted its stake by 529,653 shares to finish with 8,665,651 shares valued at roughly $1,615,104,075.0. 1832 Asset Management L.P. added 342,885 shares, bringing its total to 7,456,684 shares worth about $1,389,776,800.0. On the other side, Mackenzie Financial Corporation reduced its holdings by 280,380 shares to 4,699,732 shares valued at $875,936,073.0, and Capital International Investors cut its stake by 645,697 shares to 4,582,617 shares worth roughly $854,108,178.0.

Waste Connections, Inc. Stock Up 9.9%

Waste Connections recently traded around $184.88, which is down about 0.8% from its closing price of $186.38 on October 23, 2026. The stock sits roughly 1.1% below its 52-week high of $186.93 and well above its 52-week low of $146.89. It also trades comfortably above both its 50-day and 200-day moving averages.

Recent Earnings

Waste Connections reported trailing twelve month revenue of $9.94 billion alongside earnings of $4.46 per share. The company operates with a net profit margin of 11.4% and a return on equity of 14.2%. Its next quarterly earnings release is expected on February 10, 2027.

Dividend

Waste Connections pays an annual dividend of $1.40 per share, yielding 0.83% based on recent share levels. The payout ratio sits at 33.0% of earnings.

Insider Buying and Selling at Waste Connections, Inc.

Company insiders completed four sales during the summer months. On July 29, 2026, officer Robert Nielsen III sold 300 shares at $173.10 for a total value of $51,930.0. Later, on August 13, 2026, officer Susan Rhea Netherton sold 1,750 shares at $166.00, totaling $290,500.0. Officer Philip Rivard sold 2,500 shares on August 18, 2026, at $166.57 for a value of $416,425.0. Finally, Robert Nielsen III executed a second sale on August 19, 2026, disposing of 700 shares at $170.00 for $119,000.0.

Analysts Set New Price Targets

Alongside Morgan Stanley, several firms updated their views on October 23, 2026. Oppenheimer maintained an Outperform rating and raised its target from $193.00 to $200.00. RBC Capital kept its Outperform rating while lifting its target to $221.00 from $218.00. Wells Fargo maintained an Overweight rating and pushed its target from $187.00 to $211.00. Barclays kept an Equal-Weight rating and moved its target from $187.00 to $189.00. Across the broader analyst community, the stock carries a consensus strong buy rating with a mean target price of $202.48.

About Waste Connections

Waste Connections, Inc. operates out of Woodbridge, Ontario, providing non-hazardous waste collection, transfer, disposal, and recycling services across the United States and Canada. The company serves residential, commercial, industrial, and municipal customers, managing everything from standard garbage pickup to compost and metal recycling.

Bottom Line

Morgan Stanley's updated target highlights steady confidence from major investment banks as Waste Connections trades near the upper end of its yearly range. Investors will look toward the company's next earnings report on February 10, 2027, for further operational updates.