Stifel analyst Michael Hoffman downgraded Waste Connections to Hold from Buy with an unchanged price target of $88. The analyst admits he would not have downgraded the shares had he thought the market "would not sweep all of solid waste up in the recycling discussion." There was a defensive move into solid waste names in late fiscal 2018 and early fiscal 2019 and that shareholder group is likely to now sell the sector until the dust settles on recycling, Hoffman tells investors in a research note. As such, the analyst prefers to wait for a better entry point.

Sees Q2 adjusted EBITDA $715M-$723M. Comments taken from Q1 earnings conference call.