Raymond James Turns Bullish On Clean Harbors, Sees Sharp Upside

Raymond James analyst Patrick Tyler Brown upgraded Clean Harbors Inc CLH to Strong Buy from Outperform and raised the price target to $125 (an upside of 27%), from $120.
Brown says that he has increased conviction in the name following the "opportunistic" pullback from recent highs despite a "very solid" Q3, catalysts into 2022, and the fact that Clean Harbors is relatively cheap to the market as it has been in the past ten years.
The analyst sees catalysts in 2022, including a record backlog, benefits from Clean Harbors' recent Hydrochem acquisition with limited synergies baked-in, and the feathering of the recently announced 3M Co MMM contract that represents the single largest contract win in the company's history.
Price Action: CLH shares are trading higher by 2.65% at $98.36 on the last check Monday.