Clean Harbors (CLH): Street Is Too High - Needham
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Needham & Company analyst, Sean Hannan, reiterated his Buy rating on shares of Clean Harbors (NYSE: CLH) but cut his price target to $58 from $59 as the company tries to overcome "temporary headwinds in Tech Svcs while O&G and Lodging continue to be a general drag".
The analyst believes optimism for notable improvements in Kleen (re-refined oil) has been materializing while SK Environmental continues down a positive path. Street estimates may need to come in for 3Q and 2016, but the analyst believes the bigger focus should be on 2017, when costs look better aligned and some aggregate growth should resume.
The Street may be overestimating the degree of volume that is flowing through Tech Svcs in addition to how much of recent cost cuts were actually realized during 3Q. The analyst moderately trimmed his estimates to $710M/$134M/$0.21 while the Street is currently at $737M/$134M/$0.33 and believes consensus is likely to come down.
Shares of Clean Harbors closed at $47.99 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FBR Capital Cuts Price Target on Express (EXPR) Following 3Q EPS Miss
- Jefferies Cuts Price Target on Dollar General (DG) Following 3Q
- Pivotal Research Downgrades Kroger (KR) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!