JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Waste Connections (NYSE:WCN) Stock

Key Points

• JPMorgan raised its price target on Waste Connections to $210 and kept an "overweight" rating, implying about a 26% upside from the current stock price.
• Analyst sentiment is broadly positive — the consensus rating is "Buy" with a mean price target of $203.95 based on multiple firms' coverage (several Strong Buy/Buy ratings and some Holds).
• Waste Connections recently beat EPS estimates ($1.23 vs. $1.19) but missed revenue expectations ($2.33B vs. $2.50B); the stock trades around $166.67 with a market cap near $42.5B and a P/E of ~40.7.

Waste Connections (NYSE:WCN - Get Free Report) had its price target raised by stock analysts at JPMorgan Chase & Co. from $195.00 to $210.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the business services provider's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 26.00% from the stock's current price.

WCN has been the topic of a number of other research reports. Barclays set a $176.00 target price on shares of Waste Connections and gave the company an "equal weight" rating in a research report on Friday, February 13th. The Goldman Sachs Group restated a "buy" rating and issued a $211.00 target price on shares of Waste Connections in a research report on Thursday. Royal Bank Of Canada restated an "outperform" rating and issued a $218.00 target price (up from $210.00) on shares of Waste Connections in a research report on Friday. Scotiabank set a $197.00 price target on shares of Waste Connections and gave the stock a "sector outperform" rating in a report on Friday, February 13th. Finally, BNP Paribas Exane began coverage on shares of Waste Connections in a report on Tuesday, January 6th. They set an "outperform" rating on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $203.95.

Waste Connections Price Performance

NYSE:WCN traded down $2.22 during mid-day trading on Friday, reaching $166.67. The stock had a trading volume of 398,559 shares, compared to its average volume of 1,623,511. The stock has a 50-day simple moving average of $164.04 and a two-hundred day simple moving average of $168.89. The stock has a market capitalization of $42.54 billion, a PE ratio of 40.71, a P/E/G ratio of 2.77 and a beta of 0.61. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.62 and a quick ratio of 0.62. Waste Connections has a 12 month low of $154.90 and a 12 month high of $199.00.

Waste Connections (NYSE:WCN - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.04. Waste Connections had a net margin of 10.97% and a return on equity of 16.40%. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the business posted $1.13 earnings per share. The company's quarterly revenue was up 6.4% on a year-over-year basis. On average, equities analysts anticipate that Waste Connections will post 5.48 earnings per share for the current year.

Hedge Funds Weigh In On Waste Connections

A number of hedge funds have recently bought and sold shares of WCN. City Holding Co. bought a new position in Waste Connections during the fourth quarter worth $26,000. Measured Wealth Private Client Group LLC bought a new position in Waste Connections during the third quarter worth $26,000. KERR FINANCIAL PLANNING Corp bought a new position in Waste Connections during the third quarter worth $30,000. Transamerica Financial Advisors LLC raised its stake in Waste Connections by 346.2% during the fourth quarter. Transamerica Financial Advisors LLC now owns 174 shares of the business services provider's stock worth $31,000 after buying an additional 135 shares during the last quarter. Finally, Greykasell Wealth Strategies Inc. raised its stake in Waste Connections by 555.2% during the third quarter. Greykasell Wealth Strategies Inc. now owns 190 shares of the business services provider's stock worth $33,000 after buying an additional 161 shares during the last quarter. Institutional investors own 86.09% of the company's stock.

About Waste Connections

Waste Connections NYSE: WCN is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.

The company's operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.

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