My grandfather's favorite quotation is E.E. Cummings's, "The most wasted of all days is one without laughter."

is this right or do I need to make changes

This is how I'd write it:

My grandfather's favorite quotation is from E.E. Cummings: "The most wasted of all days is one without laughter."

My grandfather's favorite quotation is E.E. Cummings's, "The most wasted of all days is one without laughter."

Your grandfather's favorite quotation is correctly attributed to E.E. Cummings: "The most wasted of all days is one without laughter." There is no need for any changes.