Oppenheimer Raises Price Target on Waste Connections (WCN) Following Announced Groot Acquisition

Oppenheimer reiterated an Outperform rating on Waste Connections Inc. (NYSE: WCN), and raised the price target to $84.00 (from $82.00), following the company's announced acquisition of Groot Industries. Terms of the transaction were not disclosed.

Analyst Noah Kaye commented, "WCN announced the acquisition of Groot Industries, a private waste and recycling company with annual revenues of $200M. We expect WCN to see synergies from internalization as it combines Groot’s operations in northern/central Illinois with the Rock River landfill assets that WCN acquired in November 2015. We view the deal as a strong indicator of WCN’s ability to execute accretive M&A by leveraging its localized management structure and culture of empowerment and accountability. We raise our FY17-18 estimates and increase our price target to $84."

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 $78.83 yesterday.

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