Wells Fargo Raises Waste Connections (WCN) Price Target to $211

Wells Fargo maintained its Overweight rating on Waste Connections, Inc. [WCN] on October 23, 2026, while pushing its price target higher from $187.00 to $211.00. The update arrived alongside a flurry of analyst activity on the same day, showcasing strong sentiment from major financial institutions as the waste collection company navigates its current market position.

WCN Waste Connections, Inc.

$187.11 ▲ +8.16% year to date

1M 3M YTD

Daily close · Oct 23, 2026

Wells Fargo's Call on Waste Connections

In its research note on October 23, 2026, Wells Fargo decided to keep an Overweight rating on the stock while lifting the target by $24.00 to $211.00. The adjustment places the new target well above the recent trading levels, signaling confidence in the company's operational path ahead.

Other Institutional Activity in Waste Connections

Large investment firms have been actively adjusting their positions in the waste management firm. 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 grew its stake by 529,653 shares to finish with 8,665,651 shares valued at roughly $1.62 billion. 1832 Asset Management L.P. added 342,885 shares, bringing its total to 7,456,684 shares worth about $1.39 billion. On the other side, Mackenzie Financial Corporation reduced its holdings by 280,380 shares to hold 4,699,732 shares valued at roughly $877.6 million, and Capital International Investors trimmed its stake by 645,697 shares, leaving it with 4,582,617 shares worth about $855.7 million.

Waste Connections, Inc. Stock Up 9.9%

Waste Connections closed at $186.73 on October 23, 2026. The stock recently traded around $184.88, which puts it down about 1.0% since that event close. The shares sit well above their 50-day moving average of $161.29 and 200-day moving average of $162.94. The company carries a market capitalization of roughly $46.51 billion.

Recent Earnings

For the trailing twelve months, Waste Connections generated $9.94 billion in revenue and reported earnings of $4.46 per share. The firm posted a net profit margin of 11.4% and a return on equity of 14.2%. Year-over-year revenue growth came in at 7.3%. The company's next earnings report is expected on 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 sits at 33.0% of earnings, leaving room for ongoing capital return alongside business investments.

Insider Buying and Selling at Waste Connections, Inc.

Company insiders completed four stock sales during the summer months. On July 29, 2026, officer Robert Nielsen III sold 300 shares at an average price of $173.10 for a total value of $51,930. Later, on August 13, 2026, officer Susan Rhea Netherton sold 1,750 shares at $166.00 each, totaling $290,500. On August 18, 2026, officer Philip Rivard sold 2,500 shares at $166.57 for a total of $416,425. Finally, Robert Nielsen III sold another 700 shares on August 19, 2026, at $170.00 per share, raising $119,000.

Analysts Set New Price Targets

Several other Wall Street firms updated their views on the same day. RBC Capital maintained its Outperform rating while raising its price target from $218.00 to $221.00 on October 23, 2026. Barclays kept an Equal-Weight rating and lifted its target from $187.00 to $189.00. TD Cowen maintained a Buy rating, moving its target from $210.00 to $215.00. Scotiabank kept a Sector Outperform rating while raising its target from $193.00 to $201.00. Across the broader analyst community, the stock holds a consensus Strong Buy recommendation with a mean price target of $202.48 based on 25 opinions.

About Waste Connections

Waste Connections, Inc., headquartered in Woodbridge, Ontario, operates in the waste management sector across the United States and Canada. The company provides non-hazardous waste collection, transfer, and disposal services to residential, commercial, and industrial customers, alongside extensive recycling operations. Its dependable service network underpins steady cash flows in a defensive industry.

Bottom Line

Wells Fargo's target bump highlights continued optimism among covering analysts, even as the stock trades near its 52-week high of $186.93. Investors will look toward the upcoming earnings release on February 10, 2027, for further updates on operational margins and volume growth.