Clean Harbors (CLH) PT Raised to $70 at Needham & Company on Expectations of a Quicker Recovery than Modeled

Needham & Company analyst James Ricchiuti raised the price target on Clean Harbors (NYSE: CLH) to $70.00 (from $67.00) on the belief that CLH can experience a quicker recovery in 2020 compared to prior assumptions, which appear conservative in light of commentary by CLH and peers.

The analyst maintained a Buy rating, stating "A reopening of the economy is likely to result in an increase in total vehicle miles traveled, which would positively affect the S-K Oil business. We are raising our estimates to reflect the improving macro backdrop, while taking the opportunity to adjust our cost estimates as we expect management to exercise greater expense control than we previously thought".

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