UPDATE: Wedbush Cuts PT to $70, Reiterates Outperform on Clean Harbors Following Closure of Safety-Kleen
Wedbush reiterated its Outperform rating on Clean Harbors (NYSE: CLH) but reduced its price target from $75 to $70.
Wedbush said, "We are maintaining our positive stance on shares of Clean Harbors (CLH), which is a component of Wedbush's Best Ideas List, following the closing of the Safety-Kleen (SK) acquisition and positive FY13 guidance, which includes $30 million (up from $20 million) in realized synergies in 2013. We believe CLH can drive multi-year mid-teens EBITDA growth from organic revenue growth in the 7-9% range, given its exposure to industries such as industrial, energy and resources which are benefiting from secular growth as well as increased environmental regulation."
Clean Harbors closed at $52.49 on Friday.
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