Boenning & Scattergood downgraded Clean Harbors (NYSE: CLH) from Buy to Neutral.

Analyst Gerard Sweeney said, "We are downgrading CLH to Neutral and have an estimated fair value of $60-$62. We believe CLH has an exceptional set of assets. However, in the near term the stock will be range bound as the company works through a strategic review of segments and assets, and continues to improve areas which have been challenged by end markets, in particular Oil & Gas. Overall, CLH reported an inline quarter from guidance given with 4Q results in February. As expected weather impacted operations in many of CLH segments reducing revenue and increasing costs. One of the main focal points on the earnings call was a focus on the strategic review of assets and initiatives to drive additional cost savings and revenue."

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Shares of Clean Harbors closed at $60.71 yesterday.