Waste Connections price target raised to $180 from $170 at Oppenheimer

Oppenheimer analyst Noah Kaye raised the firm’s price target on Waste Connections to $180 from $170 and keeps an Outperform rating on the shares after hosting investor meetings with CFO Mary Anne Whitney. Meetings emphasized levers for margins to eclipse prior peaks and a constructive M&A outlook with an expanding TAM supporting elevated activity. Macro trends support medium-term normalization toward Waste Connection’s more sustainable long-term model, the firm notes. While sector performance has been notably strong to begin 2024, Oppenheimer believes M&A, margin trajectory, and favorable relative valuation support upside to the shares.