Clean Harbors (CLH): Street Is Too High - Needham
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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.
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