As previously reported, KeyBanc analyst Sean Eastman downgraded Waste Connections to Sector Weight from Overweight as he believes the Street's EBITDA framework needs to adjust from one anticipating upside versus management's traditionally conservative guidance-setting baseline to one now recognizing that incremental headwinds render that guidance baseline "increasingly realistic." The analyst continues to view Waste Connections as a best-in-class operator and recognizes the thematic appeal of its domestic, late-cycle growth profile and strong balance sheet.