Imperial Capital Raises Price Target on Waste Connections (WCN) to $85 Following 2Q Report

Imperial Capital reiterated an Outperform rating on Waste Connections Inc. (NYSE: WCN), and raised the price target to $85.00 (from $80.00), following the company's 2Q earnings report. WCN reported adjusted EPS of $0.66, above the consensus of $0.54. Revenue of $727.6mn exceeded estimates by $13mn.

Analyst Scott Levine commented, "We are maintaining our Outperform rating on WCN shares, and are raising our one-year price target to $85 from $80. Our price target is 12% above recent levels. In our view, WCN has one of the more attractive financial profiles in the Environmental Services industry, driven by its emphasis on exclusive and secondary waste markets, and accretion from the Progressive Waste acquisition. Given WCN’s growth potential and cash flow characteristics, we think its premium valuation is warranted."

For an analyst ratings summary and ratings history on Waste Connections Inc. click here. For more ratings news on Waste Connections Inc. click here.

Shares of Waste Connections Inc. closed at $75.85 yesterday.

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