TD Cowen has raised its price target on Clean Harbors (NYSE:CLH) to $320, up from $275, while retaining a Buy rating on the stock. The firm’s revised valuation accompanies slight increases to its medium-term earnings projections and a lower discount rate in its valuation model.
At the time of the note, Clean Harbors shares were trading at $280.41, about 0.97% below the 52-week high of $286.44. The stock has gained 17.81% year-to-date, reflecting continued market momentum.
TD Cowen raised its 2026-2030 EBITDA estimates by an average of 1%. The new price target rests on a discounted cash flow model that applies an 8.5% weighted average cost of capital, down from 9% previously. The firm also noted that Clean Harbors currently trades at a price-to-earnings ratio of 36.96, a level highlighted by InvestingPro data and consistent with TD Cowen’s observation of elevated valuation multiples.
Concerning corporate guidance, TD Cowen stated that Clean Harbors’ 2026 guidance was broadly in line with expectations but appears conservative, and the firm flagged that the company’s merger and acquisition growth engine has restarted. TD Cowen expects that M&A activity could provide further upside to estimates later in 2026.
On an enterprise value to EBITDA basis, TD Cowen values Clean Harbors at 13.3 times its estimated 2026 EBITDA and 12.2 times its estimated 2027 EBITDA. The firm added that a sizable valuation gap persists between the public stock and comparable private-market transactions. TD Cowen’s price target implies roughly 16% potential upside from the then-current share price.
Clean Harbors’ recent fourth-quarter results lent support to the positive analyst reception. The company reported revenue of $1.5 billion, above the consensus estimate of $1.47 billion, and delivered earnings per share of $1.62, modestly ahead of the projected $1.61.
Following the quarterly report, several brokerages adjusted their targets upward. Needham raised its price target to $308 while maintaining a Buy rating and highlighting strong performance in the Environmental Services business. Oppenheimer increased its target to $300, citing the company’s guidance for fiscal year 2026 net income and free cash flow midpoints that sit above market expectations. BMO Capital raised its target to $310, pointing to positive demand outlooks and the company’s execution and cost controls. Collectively, these moves reflect an overall positive analyst tone toward Clean Harbors’ near-term prospects.
Note: The article presents analyst views and reported company results as described in the firms' communications.