Wunderlich Securities reports that Waste Connections Inc. (NYSE:

) acquisition activity “could be amazing or just average.” “WCN has a steady diet of $40mm to $100mm of acquired revenues for the foreseeable future,” Wunderlich Securities writes. “However, 2011 could be a record year and that is likely to happen in 1H11 if at all. A scenario where WCN sustains 3.5% organic growth and spends ~$70mm of annual acquisitions with 15% IRRs supports our $35 target.” Waste Connections closed Tuesday at $29.17.