Clean Harbors price target lowered to $270 from $284 at BMO Capital

BMO Capital analyst Jeffrey Silber lowered the firm’s price target on Clean Harbors (CLH) to $270 from $284 due to a reduction in the firm’s blended multiple, while keeping an Outperform rating on the shares. The firm believes Clean Harbors is well-positioned to benefit from an improving outlook for industrial activity and reshoring activities in the U.S. The ES business has a long runway for price-led organic growth, SKSS earnings appear to be at trough levels, and the strong balance sheet can support significant capital deployment for organic growth, M&A, and buybacks. Meanwhile, the multiple spread with solid waste has widened out in early 2025 which provides more cushion for Clean Harbors’ valuation, BMO adds.