Wedbush Reiterates Outperform Rating, $70 PT on Clean Harbors on Attractive Entry Point, Favorable Risk/Reward Profile

In a report published Wednesday, Wedbush analyst Al Kaschalk reiterated an Outperform rating and $70.00 price target on

. In the report, Wedbush noted, “Reiterate OUTPERFORM as we continue to view current stock price as an attractive entry point offering favorable risk/reward profile. We continue to view CLH as an attractive long-term holding for investors looking to benefit from increased environmental regulation of emissions and waste streams from economic activity as well as a secular demand from North American-based oil & gas activities. Corporate catalysts supporting our favorable risk/reward profile include: (i) new contracts and growth from investments in high ROIC assets within the Industrial and Field Services segment with Ruth Lake scheduled to open later this month; (ii) 3%+ net price realization and improving mix within Technical Services pushing top-line organic growth in the 4-8% range; (iii) integration and cost saving realization should continue to provide positive surprise through mid-2014; and (iv) generation of overall $3/share in annual free cash flow. With shares trading at nearly 7x CY2013 estimated EBITDA and nearly 40% upside to our price target, we are reiterating our OUTPERFOM rating.” Clean Harbors closed on Tuesday at $50.65.