Scotiabank Raises Waste Connections (WCN) Price Target to $201

On October 23, 2026, Scotiabank maintained its Sector Outperform rating on Waste Connections, Inc. (NYSE: WCN) while raising its price target from $193 to $201. The research note arrived alongside a wave of similar updates from other Wall Street firms tracking the waste collection and disposal provider.

WCN Waste Connections, Inc.

$187.11 ▲ +8.16% year to date

1M 3M YTD

Daily close · Oct 23, 2026

Scotiabank's Call on Waste Connections

In its October 23 research note, Scotiabank kept a Sector Outperform rating on Waste Connections while bumping its target price up to $201 from $193. The new target sits above the company's recent trading levels, offering a window into how the firm views the company's growth outlook.

Other Institutional Activity in Waste Connections

Large financial institutions continue to adjust their holdings in Waste Connections. LMCG Investments grew its holdings by 6,388 shares, ending with 62,580 shares worth about $9.6 million. Montrusco Bolton Investments reduced its stake by 230,635 shares, finishing with 744,195 shares valued at about $114.6 million. Royal Bank of Canada grew its holdings by 978,069 shares, ending with 13,188,665 shares worth about $2.5 billion. Bank of Montreal grew its holdings by 529,653 shares, ending with 8,665,651 shares worth about $1.6 billion. Finally, 1832 Asset Management L.P. grew its holdings by 342,885 shares, ending with 7,456,684 shares worth about $1.4 billion.

Waste Connections, Inc. Stock Up 9.9%

Waste Connections shares recently traded around $184.88 as of October 23, 2026. The stock closed at $186.73 on the day of Scotiabank's note, putting the recent price about 1.0% below that close. The shares sit roughly 14.6% above their 50-day moving average of $161.29 and about 13.5% above their 200-day moving average of $162.94. The stock remains about 1.1% below its 52-week high of $186.93 and up about 25.9% from its 52-week low of $146.89. The recent price leaves the stock roughly 8.0% below Scotiabank's new target.

Recent Earnings

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

Dividend

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

Insider Buying and Selling at Waste Connections, Inc.

Company insiders completed several transactions prior to the update. 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. Officer Susan Rhea Netherton sold 1,750 shares on August 13, 2026, at $166.00 per share, totaling $290,500. Officer Philip Rivard sold 2,500 shares on August 18, 2026, at $166.57 per share, worth $416,425. Robert Nielsen III also sold 700 shares on August 19, 2026, at $170.00 per share, totaling $119,000.

Analysts Set New Price Targets

Wall Street firms updated their targets alongside Scotiabank on October 23, 2026. RBC Capital maintained its Outperform rating and raised its target from $218 to $221. Wells Fargo maintained an Overweight rating and lifted its target from $187 to $211. Barclays maintained an Equal-Weight rating and moved its target from $187 to $189. TD Cowen maintained a Buy rating and raised its target from $210 to $215. Across 25 analyst opinions, the stock carries a consensus strong buy rating with a mean price target of $202.48.

About Waste Connections

Waste Connections, Inc. operates across the United States and Canada, providing non-hazardous waste collection, transfer, and disposal services. The company handles residential, commercial, industrial, and municipal customers, alongside landfill operations and recycling programs for materials like cardboard, paper, plastic, and metals.

Bottom Line

Scotiabank's revised target points to continued optimism from the firm regarding Waste Connections. Investors will look toward the company's next earnings release on February 10, 2027, for further details on operational performance.