J.P. Morgan Increases PT From $96.50 To $109.00 And Maintain Neutral Rating On Clean Harbors (CLH)

In a recent report, J.P. Morgan has increased the price target on Clean Harbors (NYSE: CLH) from $96.50 to $109.00 and maintains a neutral rating on Clean Harbors after the company's initiatives and improving business conditions drive a strong Q1.

In the report, J.P. Morgan said, "While we believe a premium valuation is warranted given CLH's market leadership position in hazardous waste and accelerating growth profile in energy & industrial, we think near-term upside could be limited at these levels. We derive our December 2011 price target of $109.00 (up from $96.50 on our new estimate) by applying an 8.5x target multiple to our 2012 EBITDA forecast. With only 7% implied upside at current trading levels, we maintain our Neutral rating"

CLH closed yesterday at $101.89.