Clean Harbors price target lowered to $264 from $268 at BMO Capital

BMO Capital lowered the firm’s price target on Clean Harbors (CLH) to $264 from $268 and keeps an Outperform rating on the shares. While the firm’s constructive view on Clean Harbors was not predicated on strong second half/2025 results, the inflection point for demand improvement and earnings growth appears to have pushed out. However, against the backdrop of increasingly conservative ES segment earnings assumptions, the SKSS segment establishing a floor for profitability, a strong balance sheet, and a significant pipeline of organic and M&A growth opportunities, BMO believes the risk/reward remains positive.