Waste Connections price target lowered to $210 from $218 at Oppenheimer

Oppenheimer lowered the firm’s price target on Waste Connections (WCN) to $210 from $218 and keeps an Outperform rating on the shares. The firm notes shares traded up Thursday after Waste Connections beat Q2 top/bottom-line consensus estimates on solid waste outperformance and narrowed FY25 guidance to low end of prior range. While macro trends remain underwhelming, remarking of guidance to softer commodity/E&P/macro could be a clearing event for the shares. Moving forward, Oppenheimer sees continued solid waste price-cost runway from improved safety/labor retention and productivity initiatives; a robust M&A pipeline that could support subsequent positive estimate revisions; resumption of opportunistic buybacks providing a bullish signal; and potential regulatory relief easing Chiquita overhang.