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Waste Connections Price Target Raised at RBC, CIBC

-- Analysts at RBC Capital Markets and CIBC Capital Markets raised their price targets on Waste Connections Inc. (WCN.TO, WCN) to US$218 from US$210, and to US$198 from US$197, respectively.

RBC analyst Sabahat Khan maintained an Outperform rating on shares of the dual-listed integrated waste services company following its quarterly results on Thursday.

The stock rose $17.65, or approximately 8%, to $231.36 on the Toronto Stock Exchange.

"WCN reported Q1 Adj. EBITDA/EPS ahead of Street forecasts, while 2026 guidance was reiterated," Khan said in a note to clients.

"Overall, we believe WCN remains well-positioned for 2026, with guidance remaining a conservative starting point given the strong start to the year, with upside potential from higher commodity prices (supportive of the E&P business, Recycling prices beginning to move in the right direction), a more supportive macro backdrop (SW volumes up for the 6th consecutive quarter, potentially indicating some pent-up demand), and M&A (pipeline robust)," the analyst said.

CIBC analyst Kevin Chiang maintained an outperformer rating on the stock.

"WCN's shares are up sharply after reporting strong Q1 results, highlighting the resiliency in its business model despite the current geopolitical landscape," Chiang said in a note to clients.

"Underlying fundamentals remain strong and there is upside potential to WCN's 2026 guidance," the analyst said.

"In addition, we see a re-acceleration in WCN's EPS growth trends moving past H1/26," Chiang said. "We view Q1 results as an inflection point for WCN's shares and the sentiment around the name."

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