Clean Harbors (NYSE:CLH) just got a notable vote of confidence from Wall Street. Citi upgraded Clean Harbors stock to Buy and set a price target of $346, signaling that one of North America’s leading environmental services companies may still have significant room to run despite a strong run.
Clean Harbors stock has risen 27% year-to-date, with shares recently trading at around $310. For investors who haven’t been watching, this upgrade is worth a closer look.
| Ticker | Company | Firm | Action | Old Rating | New Rating | Old Target | New Target |
|---|---|---|---|---|---|---|---|
| CLH | Clean Harbors | Citi | Upgrade | Neutral | Buy | N/A | $346 |
The Analyst’s Case
Citi’s upgrade arrives at a time when Clean Harbors is executing across multiple fronts. The company posted record full-year 2025 revenue of $6.03 billion and, for the first time in its history, surpassed $500 million in adjusted free cash flow.
The Environmental Services segment has been the standout performer, delivering 15 consecutive quarters of year-over-year adjusted EBITDA margin expansion. That kind of consistency is rare in any sector and reflects disciplined pricing and operational execution.
Company Snapshot
Clean Harbors provides hazardous waste disposal, industrial cleaning, and environmental remediation services across North America under its Clean Harbors and Safety-Kleen brands. Think of it as the company that handles the waste nobody else wants to touch, from toxic industrial byproducts to PFAS-contaminated soil and water.
The company is positioning itself as a leader in PFAS remediation services, a fast-growing area driven by tightening EPA regulations. Clean Harbors released formal PFAS disposal guidance shared with the EPA and the U.S. Senate Committee on Environment and Public Works, reinforcing its standing as the leading provider of end-to-end PFAS services.
Why the Move Matters Now
Clean Harbors is benefiting from several converging tailwinds: reshoring trends driving hazardous waste demand, a growing remediation project pipeline, and expanding PFAS-related work. The company guided for 2026 adjusted EBITDA of $1.2 billion to $1.26 billion, reflecting continued confidence in its growth trajectory.
The stock currently trades at a trailing P/E ratio of 41x, which is elevated, but the forward P/E ratio of 35x and a PEG ratio of 0.266 suggest the market may be underpricing the company’s growth potential.
What It Means for Your Portfolio
Citi’s $346 price target represents a meaningful premium above current trading levels, and the broader analyst consensus of 9 Buy ratings and 5 Hold ratings supports a positive outlook. If you believe that environmental regulation, PFAS cleanup mandates, and reshoring trends will sustain demand for hazardous waste services, Clean Harbors deserves a close look.
That said, Clean Harbors stock’s elevated valuation and insider selling activity are worth monitoring. CEO Eric Gerstenberg sold 1,000 shares in March for $293,000, though he still holds a substantial position. For long-term, income-focused investors, the upgrade warrants attention even as near-term volatility remains a real consideration.
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