Stifel Raises Price Target on Clean Harbors (CLH) to $55
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Stifel reiterated a Buy rating on Clean Harbors (NYSE: CLH), and raised the price target to $55.00 (from $50.00), after traveling with management. CLH believes it can return the AEBITDA margins to 20% over the next five years assuming the current economic backdrop. To do so it needs low-to-mid single digit sales growth focused on driving operating leverage across the existing invested capital base.
Analyst Michael Hoffman commented, "We reiterate our Buy rating and raise the target price to $55 on Clean Harbors (CLH, Buy, $47.58). We traveled with CFO Michael Battles and VP/IR Jim Buckley to visit investors in Baltimore. The focus was on are the headwinds at last at a bottom and is there growth even if it is shallow in the legacy portfolio of Technical Service, Industrial & Field Services and SKE Environmental. Growth in FY17 is augmented by a focus on shifting the blended oil mix, regulated medical waste, the Eldorado incinerator start-up."
Shares of Clean Harbors closed at $47.58 yesterday.
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