RBC Capital Markets lowered its price target on Waste Connections (WCN.TO, WCN) to US$210 from US$219.

Analyst Sabahat Khan maintained an outperform rating on shares of the North American integrated waste-services company.

"WCN reported Q4 results ahead of Street forecasts while '26 guidance was below consensus at the midpoint," Khan said in a note to clients.

"The focus item was the '26 FCF conversion outlook, which is at ~50% of Adj. EBITDA when adjusting for ~$100 Million of capex related to RNG/recycling and $100-150 Million of Chiquita-related spend (~43% conversion including these items)," the analyst said.

"In terms of the underlying business, trends remain similar to what we have seen in recent quarters, with strength across the base business being partially offset by commodity-related headwinds."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 221.75, Change: +3.49, Percent Change: +1.60