UPDATE: Clean Harbors Downgraded by Wedbush After Disappointing Q4 Results

Thursday rating reports include an update from Wedbush analyst Al Kaschalk, downgrading Clean Harbors CLH from Outperform to Neutral, sliding price target from $74 to $50. The report notes, "While we clearly underestimated the negative impact of lower base oil prices, softer demand and timing for CLH's oil and gas services in Canada, currency translation and the magnitude (lost revenue and higher costs) of weather, we recognize that a lot of the bad news maybe reflected in the stock's current valuation. However, we cannot continue to justify our positive rating until we see an improvement in base business fundamentals." CLH closed Wednesday at $45.43 and opened Thursday morning at $46.08.