U.S. Markets open in 6 hrs 35 mins
  • S&P Futures

    3,830.00
    -16.00 (-0.42%)
     
  • Dow Futures

    30,929.00
    -153.00 (-0.49%)
     
  • Nasdaq Futures

    13,347.50
    -48.00 (-0.36%)
     
  • Russell 2000 Futures

    2,131.40
    -7.10 (-0.33%)
     
  • Crude Oil

    52.49
    -0.64 (-1.20%)
     
  • Gold

    1,858.90
    -7.00 (-0.38%)
     
  • Silver

    25.53
    -0.32 (-1.25%)
     
  • EUR/USD

    1.2162
    -0.0010 (-0.0851%)
     
  • 10-Yr Bond

    1.1090
    0.0000 (0.00%)
     
  • Vix

    21.32
    -0.26 (-1.20%)
     
  • GBP/USD

    1.3674
    -0.0057 (-0.4129%)
     
  • USD/JPY

    103.6400
    +0.1350 (+0.1304%)
     
  • BTC-USD

    30,982.85
    +415.14 (+1.36%)
     
  • CMC Crypto 200

    611.19
    +1.20 (+0.20%)
     
  • FTSE 100

    6,715.42
    -24.97 (-0.37%)
     
  • Nikkei 225

    28,631.45
    -125.41 (-0.44%)
     

Why Clean Harbors Is Needham's Top 2021 Pick

Priya Nigam
·1 min read

Clean Harbors Inc’s (NYSE: CLH) stock has declined by 12% year-to-date versus a 15% gain in the S&P 500 index, underperforming many of its peers, according to Needham.

The Clean Harbors Analyst: James Ricchiuti maintained a Buy rating on Clean Harbors and raised the price target from $75 to $91.

The Clean Harbors Thesis: COVID-19-related factors adversely impacted the company’s stock through 2020, Ricchiuti said in a Monday note. 

The improving economic outlook in 2021 bodes well for Clean Harbors’ Environmental Services business, the analyst said. 

“With improving macro data, including higher manufacturing output, we expect CLH’s core incineration and landfill services to see stronger demand in 2021. Even if the recent COVID spike causes the recovery to pause, CLH has something of a natural hedge in the ES business, as it will likely drive more high-margin COVID emergency response business,” he said. 

Ricchiuti expressed optimism regarding the company’s Safety-Kleen business prospects in 2021, citing an upturn in base oil prices and a rebound in vehicle miles driven.

CLH Price Action: Shares of Clean Harbors were up 1.04% at $76.08 at last check.

Photo courtesy of Clean Harbors. 

Latest Ratings for CLH

Date

Firm

Action

From

To

Nov 2020

Raymond James

Upgrades

Market Perform

Outperform

Nov 2020

UBS

Upgrades

Neutral

Buy

Nov 2020

Needham

Maintains

Buy

View More Analyst Ratings for CLH
View the Latest Analyst Ratings

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.