Benzinga | Jan 10, 2022 03:36PM EST

Raymond James Turns Bullish On Clean Harbors, Sees Sharp Upside

* Raymond James analyst Patrick Tyler Brown upgraded Clean Harbors Inc (NYSE:CLH) to Strong Buy from Outperform and raised the price target to $125 (an upside of 27%), from $120.

* Brown says that he has increased conviction in the name following the "opportunistic" pullback from recent highs despite a "very solid" Q3, catalysts into 2022, and the fact that Clean Harbors is relatively cheap to the market as it has been in the past ten years.

* The analyst sees catalysts in 2022, including a record backlog, benefits from Clean Harbors' recent Hydrochem acquisition with limited synergies baked-in, and the feathering of the recently announced 3M Co (NYSE:MMM) contract that represents the single largest contract win in the company's history.

* Price Action: CLH shares are trading higher by 2.65% at $98.36 on the last check Monday.