Credit Suisse Raises Price Target on Clean Harbors (CLH), Strong Pipeline Combined with Acquisitions and Improving Pricing
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Price: $325.15 +0.98%
Rating Summary:
22 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 21 | New: 20
Rating Summary:
22 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 21 | New: 20
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Credit Suisse is maintaining its Outperform rating on shares of Clean Harbors (NYSE: CLH) as its price target is raised from $104 to $114.
The firm comments that the company's project pipeline remains strong, pricing is sequentially improving, and acquisitions look like the next meal for CLH.
Credit Suisse believes that CLH will continue to be a primary beneficiary of an improving macro backdrop in both US and Canada, particularly in the energy and chemical end markets.
The firm is raising its 2011 EPS estimate from $3.42 to $3.50 and its 2012 by $0.01 to $4.20. It anticipates that revenue will come in at $1.62 billion and $1.67 billion for the years.
An analyst at Credit Suisse said, " We expect pricing improvements are still in early stages, driven in part by the company recalibrating levels post recession. We believe that with oil prices remaining above the $80 level, there should be a sustainable level of project activity in their core businesses. While domestic chemical companies are boosting production rates of commodity chemicals in the near term, we note a longer term secular theme is emerging as domestic players continue to benefit from lower domestic natural gas prices.
For more ratings news on Clean Harbors click here and for the rating history of Clean Harbors click here.
Shares of Clean Harbors closed at $98.57 yesterday.
The firm comments that the company's project pipeline remains strong, pricing is sequentially improving, and acquisitions look like the next meal for CLH.
Credit Suisse believes that CLH will continue to be a primary beneficiary of an improving macro backdrop in both US and Canada, particularly in the energy and chemical end markets.
The firm is raising its 2011 EPS estimate from $3.42 to $3.50 and its 2012 by $0.01 to $4.20. It anticipates that revenue will come in at $1.62 billion and $1.67 billion for the years.
An analyst at Credit Suisse said, " We expect pricing improvements are still in early stages, driven in part by the company recalibrating levels post recession. We believe that with oil prices remaining above the $80 level, there should be a sustainable level of project activity in their core businesses. While domestic chemical companies are boosting production rates of commodity chemicals in the near term, we note a longer term secular theme is emerging as domestic players continue to benefit from lower domestic natural gas prices.
For more ratings news on Clean Harbors click here and for the rating history of Clean Harbors click here.
Shares of Clean Harbors closed at $98.57 yesterday.
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