Bernstein analyst Connor Cerniglia initiated coverage of Waste Connections (WCN) with an Outperform rating and $200 price target The firm is positive on the Waste Industry, which stands ahead of an inflection point in free cash flow growth, trading at a decade-low relative valuation. Bernstein believes this is a well-timed initiation: the core solid-waste business is set to improve, while new non-core RNG and Recycling investments become incremental to profitability starting next year. The firm sees upside to consensus estimates and potential multiple expansion in 2026, contingent on solid execution.
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