KeyBanc Downgrades Clean Harbors (CLH) to Hold
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Price: $194.64 -0.69%
Rating Summary:
20 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
20 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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KeyBanc downgraded Clean Harbors (NYSE: CLH) from Buy to Hold and removed its price target (prior $52.00). Analyst Joe Box sees risk/reward as balanced.
"While we acknowledge the shares appeared to be washed out following its disappointing 4Q13 earnings report and we are of the opinion that fundamentals/ headwinds are probably closer to trough than not, we believe a HOLD rating is justified for the following reasons: 1) our sum of the parts framework suggests the shares were oversold in the mid-$40s and now appear to more accurately reflect its core value in the mid-$50s; and 2) recent execution has been choppy, and while significant downward estimate revisions likely discount these headwinds, we believe earnings visibility remains limited and we have low conviction in our current estimates. Therefore, even as several catalysts exist that could potentially drive additional upside, we prefer to move to the sidelines until either a better entry point presents itself or we have greater conviction in CLH's ability to execute," said Box.
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 $54.79 yesterday.
"While we acknowledge the shares appeared to be washed out following its disappointing 4Q13 earnings report and we are of the opinion that fundamentals/ headwinds are probably closer to trough than not, we believe a HOLD rating is justified for the following reasons: 1) our sum of the parts framework suggests the shares were oversold in the mid-$40s and now appear to more accurately reflect its core value in the mid-$50s; and 2) recent execution has been choppy, and while significant downward estimate revisions likely discount these headwinds, we believe earnings visibility remains limited and we have low conviction in our current estimates. Therefore, even as several catalysts exist that could potentially drive additional upside, we prefer to move to the sidelines until either a better entry point presents itself or we have greater conviction in CLH's ability to execute," said Box.
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 $54.79 yesterday.
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