TD Cowen Raises Waste Connections (WCN) Price Target to $215

TD Cowen maintained its Buy rating on Waste Connections, Inc. [WCN] on October 23, 2026, while lifting its price target from $210.00 to $215.00. The research note arrived alongside a flurry of updates from other major Wall Street firms evaluating the waste collection and disposal company. TD Cowen's revised target represents a bullish stance relative to recent trading levels, joining other analysts who have adjusted their expectations for the firm.

WCN Waste Connections, Inc.

$187.11 ▲ +8.16% year to date

1M 3M YTD

Daily close · Oct 23, 2026

TD Cowen's Call on Waste Connections

In its October 23, 2026 update, TD Cowen kept its Buy rating intact on Waste Connections while nudging its target upward from $210.00 to $215.00. The firm joins a broader chorus of financial institutions actively reviewing their models for the industrial services provider. The adjustment reflects ongoing confidence in the company's operational footing within the waste management sector.

Other Institutional Activity in Waste Connections

Royal Bank of Canada grew its holdings by 978,069 shares, ending with 13,188,665 shares worth about $2.46 billion. Bank of Montreal /CAN/ lifted its stake by 529,653 shares, bringing its total to 8,665,651 shares valued at roughly $1.62 billion. 1832 Asset Management L.P. added 342,885 shares for a final tally of 7,456,684 shares worth about $1.39 billion. Conversely, Mackenzie Financial Corporation trimmed its position by 280,380 shares, leaving it with 4,699,732 shares valued at roughly $877.58 million. Capital International Investors reduced its holdings by 645,697 shares, finishing the period with 4,582,617 shares worth about $855.71 million.

Waste Connections, Inc. Stock Up 9.9%

Waste Connections recently traded around $184.88 on October 23, 2026, after closing at $186.73 that same day. The stock sits roughly 1.1% below its 52-week high of $186.93 and trades comfortably above its 50-day moving average of $161.29 and its 200-day moving average of $162.94. The company carries a market capitalization of $46.51 billion and has a price-to-earnings ratio of 41.45.

Recent Earnings

Waste Connections generated trailing twelve-month revenue of $9.94 billion and basic earnings of $4.46 per share. Year-over-year revenue growth stood at 7.3%, supported by a net profit margin of 11.4% and a return on equity of 14.2%. The company's next earnings report is scheduled for release on February 10, 2027.

Dividend

Waste Connections pays an annual dividend rate of $1.40 per share, giving it a dividend yield of 0.83%. The payout ratio currently sits at 33.0% of earnings.

Insider Buying and Selling at Waste Connections, Inc.

Company insiders executed several sales during the summer months. On July 29, 2026, officer Robert Nielsen III sold 300 shares at a 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 parted with 2,500 shares on August 18, 2026, at an average price of $166.57, bringing in $416,425.00. Finally, Robert Nielsen III executed another sale of 700 shares on August 19, 2026, at $170.00 per share for a total value of $119,000.00.

Analysts Set New Price Targets

Wall Street firms updated their outlooks on October 23, 2026. RBC Capital maintained its Outperform rating on Waste Connections while lifting its price target from $218.00 to $221.00. Wells Fargo kept its Overweight rating and raised its target from $187.00 to $211.00. Barclays maintained an Equal-Weight rating and moved its target from $187.00 to $189.00. Scotiabank kept a Sector Outperform rating while raising its target from $193.00 to $201.00. Across the broader analyst community, Waste Connections holds a consensus recommendation of strong buy with a mean price target of $202.48 based on 25 opinions.

About Waste Connections

Headquartered in Woodbridge, Ontario, Waste Connections operates across the United States and Canada, providing non-hazardous waste collection, transfer, and disposal services. The firm serves residential, commercial, municipal, industrial, and exploration and production customers, while also offering landfill disposal and recycling services for materials like cardboard, paper, plastics, and metals.

Bottom Line

TD Cowen's revised price target highlights continued institutional backing for the waste services provider as shares trade near upper valuation boundaries. Observers will track forthcoming earnings results on February 10, 2027, for further indicators on operational margins and cash flow generation.