Waste Connections, the Industrials sector company, was revisited by a Wall Street analyst today. Analyst Michael Feniger from Bank of America Securities reiterated a Buy rating on the stock and has a $202.00 price target.
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Michael Feniger’s rating is based on Waste Connections’ robust performance in its core solid waste operations, despite facing challenges from non-waste factors such as recycled commodities and Renewable Identification Numbers (RINs). The company’s EBITDA has shown a year-over-year increase, and its margins remain strong, indicating resilience against these headwinds.
Furthermore, Waste Connections has updated its fiscal year guidance, reflecting a solid waste price versus cost thesis that remains intact. The company’s strategic moves, including mergers and acquisitions, along with strong liquidity and free cash flow, support its capital deployment plans. These factors, combined with a defensive market position, underpin Feniger’s Buy rating for Waste Connections.
Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WCN in relation to earlier this year.