UBS Sees Higher Upside for Waste Connections (WCN) Amid Steady Execution and Resilient Fundamentals Following Q3 Results

Representing 0.84% of Bill Gates’s stock portfolio, Waste Connections, Inc. (NYSE:WCN) is one of his top 15 stock picks.

UBS Sees Higher Upside for Waste Connections (WCN) Amid Steady Execution and Resilient Fundamentals Following Q3 Results

On October 23, 2025, UBS increased its price target on Waste Connections, Inc. (NYSE:WCN) from $190 to $195, reiterating its “Neutral” rating.

While adjusting its 2025-2027 annual adjusted EBITDA forecasts to $3.12 billion, $3.36 billion, and $3.70 billion, respectively, UBS attributed its upward revision to Waste Connections, Inc. (NYSE:WCN)’s steady execution and resilient fundamentals following its Q3 results. With smaller operators facing economic pressures that may unlock attractive acquisition targets, the investment firm pointed toward potential upside from incremental M&A activity.

In its Q3 2025 results, Waste Connections Inc. (NYSE:WCN) reported revenue of $2.46 billion, which was an increase from $2.34 billion a year earlier. With adjusted EBITDA rising to $830.3 million, the company believed it was in line with its 2025 guidance, signaling consistency and disciplined cost management.

Operating across the U.S. and Canada, Waste Connections, Inc. (NYSE:WCN) offers non-hazardous waste collection, transfer, and disposal services.

While we acknowledge the potential of WCN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WCN and that has 100x upside potential, check out our report about this cheapest AI stock.

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