Oppenheimer Upgrades Clean Harbors (CLH) to Outperform

(updated with analyst comments)

Oppenheimer upgraded Clean Harbors (NYSE: CLH) from Perform to Outperform with a price target of $65.00.

Analyst Noah Kaye commented, "We are upgrading shares of CLH to Outperform (from Perform) and introducing a $65 price target. While our custom Industrial Production composite for CLH indicates early recovery signs, we note the company has missed guidance for the past five years and that negative surprise potential remains, with multiple moving parts to the business. Yet we believe that macro tailwinds and CLH's growth/cost reduction initiatives position it to exit trough earnings and generate significant adjusted EBITDA/FCF growth over our investment horizon. Valuation looks reasonable in our view vs. waste peers, and there remain several catalysts, including potential emergency response events and build-out of transnational oil pipelines, that could drive medium-term results higher."

For an analyst ratings summary and ratings history on Clean Harbors click here. For more ratings news on Clean Harbors click here.

Shares of Clean Harbors closed at $55.74 yesterday.

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