Truist: 'We See Risk to Clean Harbors (CLH)'; PT Lowered to $250

Truist Securities analyst Tobey Sommer lowered the price target on Clean Harbors (NYSE: CLH) to $250.00 (from $270.00) while maintaining a Buy rating.

The analyst commented: "Recycling prices stable, we see risk to Clean Harbors (CLH, Buy). We note OCC pricing (the largest underlying exposure in Waste recycling) is down flat YTD from yearend 2024 levels. We estimate WM has the largest recycling contribution in Solid Waste at 9% of revenue between Solid Waste recycling and Shred-It. We note OCC is flat vs. February and believe outlooks should have largely factored for weaker recycled commodities. In our view, steep declines in crude pricing (down 9% since mid-February) are likely to further pressure base oil pricing. Clean Harbors (CLH, Buy) will already be working off higher cost inventory in the SKSS segment (~10% of adj. EBITDA) in 1Q and further declines could put 2025 SKSS segment guidance at risk again."

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