Overview
Needham lifted its price target for Clean Harbors (CLH) to $308 from $290 and maintained a Buy rating after the company reported fourth-quarter results. The new target sits about 11.5% above the stocks recent trading price of $276.25, and analyst targets in the street range from $230 to $320. The stock has produced a 25.7% gain over the past year.
Quarterly performance
Clean Harbors exceeded consensus estimates for both revenue and adjusted EBITDA in the fourth quarter of 2025, driven primarily by continued strength across much of its Environmental Services business. The quarter represented the companys strongest quarterly revenue growth of the year.
Over the trailing twelve months, Clean Harbors has generated $5.96 billion in revenue and $1.1 billion in EBITDA. For the fourth quarter specifically, adjusted EBITDA increased 8% year-over-year, versus consensus expectations of 7% growth. Needham described the end of 2025 as an encouraging finish for the company.
Outlook and management commentary
Clean Harbors provided a full-year 2026 outlook that Needham interprets as allowing the company scope to outperform. Management highlighted momentum across much of the Environmental Services business during its earnings call.
Needham noted that the outlook appears to reflect a conservative stance for the Industrial Services portion of the Environmental Services segment, which underperformed in 2025. Despite that, analysts pointed to a generally positive tone from management about business trends heading into 2026.
Analyst reactions beyond Needham
Following the quarterly results, other brokers also adjusted their views. Clean Harbors reported $1.5 billion in fourth-quarter revenue versus the $1.47 billion consensus, and earnings per share of $1.62 compared with expectations of $1.61.
Oppenheimer raised its price target to $300 while maintaining an Outperform rating, citing fiscal 2026 net income and free cash flow projections that exceeded Street expectations along with planned capital allocation initiatives. BMO Capital increased its price target to $310, pointing to robust demand, solid execution, and effective cost controls.
These broker updates reflect a broadly positive analyst response to Clean Harbors recent financial performance and strategic positioning as the company enters fiscal 2026.
Key points
- Needham raised its Clean Harbors price target to $308 from $290 and kept a Buy rating, implying about 11.5% upside from a $276.25 price.
- Clean Harbors posted stronger-than-expected Q4 2025 results: $1.5 billion in revenue and $1.62 in EPS, with adjusted EBITDA up 8% year-over-year and trailing twelve-month revenue of $5.96 billion.
- Other analysts, including Oppenheimer and BMO Capital, also raised targets following the results, citing better-than-expected fiscal 2026 projections and operational execution.
Risks and uncertainties
- Industrial Services underperformance in 2025 could continue to weigh on segment results and overall company performance - this primarily affects industrial and environmental services markets.
- The companys full-year 2026 outlook appears to adopt conservative assumptions for parts of the Environmental Services segment, introducing uncertainty about how easily management can convert momentum into outsized results - this impacts investor expectations in the industrial services and environmental solutions sectors.
- Analyst price targets vary widely from $230 to $320, reflecting differing views on execution and market conditions; such dispersion can create volatility in the stock and affects equity market sentiment in the industrial services space.
Bottom line
Clean Harbors closed 2025 on a stronger note than many analysts anticipated, prompting several firms to lift price targets and express confidence in managements outlook for 2026. While parts of the Environmental Services business performed well, the Industrial Services component remains a potential drag and a focal point for investors monitoring whether the company can sustain its recent momentum.