Clean Harbors initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Clean Harbors (CLH) with a Buy rating and $325 price target Clean Harbors has a dominant position in hazardous waste and its “moat will widen” with further acquisitions, which should boost pricing and margins, the analyst tells investors in a research note. The firm says the reshoring of U.S. manufacturing activity is expected to spur volume growth and the “nascent PFAS regulations provide another tailwind.” While the company’s “Vision 2027” targets may prove “too lofty,” consensus estimates are almost 30% lower and are likely too conservative, contends TD.