Waste Connections stock gains on UBS upgrade and solid second-quarter figures
Published on 09/18/2026 at 16:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Waste Connections, Inc. stock (ISIN CA94106B1013) was trading around USD 155.24 on the NYSE as of mid-September 2026, with investors reacting to a fresh analyst upgrade and recently reported second-quarter 2026 results showing mid-single-digit revenue growth.
UBS upgrade lifts sentiment
According to Investing.com on September 18, 2026, UBS upgraded Waste Connections stock to Buy from Neutral and raised its price target to USD 200 from USD 176, arguing that the valuation had become compelling after a period of share price underperformance.
As Investing.com reported on September 18, 2026, Waste Connections stock rose about 1.8 percent in pre-open trading following the UBS move, with the bank highlighting that the shares had compressed to roughly a 5 percent EV/EBITDA premium over waste-sector peers compared with a historical average premium of around 28 percent.
The same report noted that UBS now projects compound annual free cash flow growth of approximately 17 percent from 2026 through 2029, supported by an anticipated wind-down of elevated Chiquita-related capital expenditures after 2026, which it sees as a key driver for improved cash generation in the coming years.
Second-quarter 2026 results and outlook
Recent commentary on sector peers shows how Waste Connections has positioned itself with its latest financials. A sector comparison published on September 18, 2026 indicated that Waste Connections generated revenue of about USD 2.56 billion in the second quarter of 2026, an increase of 6.4 percent year over year and roughly 0.9 percent above analyst expectations for the period.MoneyDJ
According to a summary of analyst commentary, Waste Connections reported adjusted earnings per share of USD 1.50 in the second quarter of 2026, beating the consensus forecast of USD 1.36 for the quarter.Investing.com Korea
The same overview noted that Waste Connections raised its full-year 2026 outlook after those second-quarter results, signaling confidence in its underlying operations and cash generation, although detailed guidance ranges were not specified in the summary.Investing.com Korea
Analyst views and valuation debate
UBS is not alone in focusing on Waste Connections stock. Jefferies reiterated a Buy rating on Waste Connections with a price target of USD 207.00, following a call with the company’s investor relations team to discuss the second-quarter 2026 results and the updated outlook.Investing.com
In its upgrade rationale, UBS emphasized that Waste Connections stock had traded near its 52-week low of USD 146.89 and was down nearly 11 percent year to date as of mid-September 2026, suggesting that the valuation discount versus its historical premium to peers had become unusually wide.Investing.com
Additional analysis highlighted that Waste Connections shares trade at about 26.8 times forward earnings at a price of USD 155.24 per share, implying a relatively high multiple compared with some broader-market benchmarks, even after the share price weakness and sector-relative discount mentioned by UBS.StockStory
One analysis also pointed out that estimated sales growth of 5.8 percent for the next 12 months suggests a potential slowdown from Waste Connections’ two-year demand trend, while a roughly 2.5 percentage point decline in its free cash flow margin over the last five years reflects increased investment to defend its market position and may weigh on returns.StockStory
Risk factors and sector positioning
Commentary around the UBS upgrade underscores that a key overhang for Waste Connections stock has been elevated capital expenditures tied to the Chiquita Canyon landfill, which UBS expects to diminish after 2026 and thereby support the projected 17 percent compound annual growth in free cash flow from 2026 to 2029.Investing.com
Sector-focused reporting noted that despite beating expectations with second-quarter 2026 revenue of USD 2.56 billion, up 6.4 percent year over year and roughly 0.9 percent above consensus, Waste Connections shares fell about 5 percent in the immediate aftermath of the earnings release, suggesting that investors had priced in even stronger performance or remained focused on longer-term capital allocation and regulatory risks.MoneyDJ
Analysts have also highlighted that lower returns on capital and a decline in free cash flow margin over the past five years point to challenges in maintaining historical profitability levels, even as Waste Connections continues to operate one of North America’s largest networks of solid waste landfills and collection routes.StockStory
Stock price and market data
Per recent NYSE and portal data compiled around September 18, 2026, Waste Connections stock was quoted near USD 155.24 on its primary NYSE listing, implying a valuation of about USD 39.1 billion in market capitalization for the company at that price level in USD terms.Yahoo Finance
In earlier trading during September 2026, Waste Connections shares touched levels near USD 161.25, with a 52-week range indicated between roughly USD 146.89 and USD 179.74, placing the USD 155 area closer to the lower end of that band than the high and reinforcing the description of the stock as trading near its 52-week low in recent UBS commentary.Seeking Alpha
At these levels and with a forward price-to-earnings multiple of about 26.8 times at USD 155.24 per share, the market is still assigning Waste Connections a premium valuation relative to some broader indices, but less than the roughly 28 percent EV/EBITDA premium to peers that UBS cited as the company’s historical norm.StockStoryInvesting.com
Waste Connections stock facts
- Company: Waste Connections, Inc.
- ISIN: CA94106B1013
- Ticker: WCN
- Trading venue: NYSE
- Price (as of September 18, 2026): 155.24 USD
- Market capitalization: 39.1 billion USD (as of September 18, 2026)
- Sector / Industry: Waste management / Environmental services
- Index membership: S&P 500
