TD Securities Downgrades Waste Connections Following WasteExpo Conference

TD Securities' Damir Gunja downgraded Waste Connections WCN from Buy to Hold with a price target of $78.00. The downgrade came after the WasteExpo conference. The analyst's positive view on Waste Connections remained as the "industry had several more years of cyclical improvement ahead and that Waste Connections is well-positioned to participate in this growth." Gunja was concerned that "lag coming out of the most recent economic contraction was longer and more protracted with a much slower rate of growth coming out." The analyst then downplayed his concerns stating leading industry indicators of a contraction would be special waste volumes and C&D volume, and "both special waste volumes and C&D volumes remain strong and continue to increase" said the analyst. Due to the continued positive view, Gunja downgraded the stock only due to the price creeping to his target. At the time of writing, Waste Connections traded at $72.28, down 1.66%