BMO Capital analyst Jeffrey Silber lowered the firm’s price target on Clean Harbors (CLH) to $270 from $284 but keeps an Outperform rating on the shares. The company remains well-positioned to benefit from an improving outlook for industrial activity and reshoring activities in the U.S., with Environmental Services business that has a long runway for price-led organic growth and the strong balance sheet that can support significant capital deployment for organic growth, the analyst tells investors in a research note. BMO’s reduced price target reflects a reduction in its blended multiple to 12.5-times expected EBITDA however.
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