UPDATE: Stifel Reiterates On Clean Harbors On Rebuilding the Model

In a report published Friday, Stifel analyst Michael Hoffman reiterated a Buy rating on Clean Harbors (NYSE: CLH), but lowered the price target from $70.00 to $62.00.

In the report, Stifel noted, “We maintain our Buy rating on the shares of Clean Harbors, Inc (CLH, Buy, $46.56) but have lowered the target price to $62 to reflect the reduced contribution to profitability and FCF from Oil & Gas, parts of Industrial tied to Oil Sands and Industrial Canada and Used Oil Re-Refining. We are taking the view that the underperforming businesses do not deteriorate further but neither do they improve and that CLH takes aggressive action to lower PFO in Used Oil, then 2015 EBITDA can be $585mm to $600mm.”

Clean Harbors closed on Thursday at $46.56.