BMO Capital increased its price target on Clean Harbors (NYSE: CLH) to $310 from $290 and left its rating at Outperform, pointing to several constructive takeaways from the company's fourth-quarter 2025 update. At the time of the note, Clean Harbors was trading at $276.25 and carried a market capitalization of $14.77 billion, having delivered a 14.76% return year-to-date.
In its assessment, BMO highlighted improving underlying demand across the business, execution that the firm characterized as strong, continued cost controls and a noted uptick in capital deployment. Those items together formed the basis for the firm's raised target and its view that the shares may have significant upside potential.
Valuation remains a notable consideration. Data from InvestingPro included in the update shows Clean Harbors trading at a price-to-earnings ratio of 39.16, a level that implies a premium relative to its peer group. BMO described the company's initial year-ahead outlook as characteristically conservative and flagged emerging signals of recovery in industrial markets as an element supporting its more bullish stance.
The analyst action follows the company’s fourth-quarter earnings report, which exceeded consensus expectations. Clean Harbors posted revenue of $1.5 billion, ahead of the $1.47 billion consensus. Reported earnings per share came in at $1.62 versus an analyst projection of $1.61. Those results underscore the company’s stronger-than-expected performance in the quarter and were singled out by investors and analysts monitoring the name.
Despite the positive surprise on the top and bottom lines, shares of Clean Harbors slipped modestly in after-hours trading following the earnings release. Market participants continue to digest the company’s recent financial updates as analysts weigh the outlook and valuation implications.
BMO’s upgrade of the price target, coupled with its Outperform rating, reflects the firm’s view that improving end-market indicators, disciplined cost management and more active capital deployment could combine to drive additional upside for the stock. At the same time, the elevated P/E multiple and the market’s immediate post-earnings reaction highlight areas investors and analysts are still assessing.
Context for readers: The discussion centers on the firm's recent note to investors, the company’s reported fourth-quarter financials and market reaction to those results. Analysts continue to track performance metrics and market signals to refine their outlooks.