NEW YORK (TheStreet) -- Clean Harbors (CLH) was downgraded to "hold" from "buy" at KeyBanc on Tuesday. Clean Harbors opened trading down 2.5% to $53.40.
Keybanc downgraded the environmental, energy and industrial services provider due to limited earnings visibility and the overselling of undervalued shares.
The firm also removed its $52 price target.
"We believe a HOLD rating is justified for the following reasons: our sum of the parts framework suggests the shares were oversold in the mid-$40s and now appear to more accurately reflect its core value in the mid-$50s; and recent execution has been choppy, and while significant downward estimate revisions likely discount these headwinds, we believe earnings visibility remains limited and we have low conviction in our current estimates" KeyBanc said in the note.
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Separately, TheStreet Ratings team rates CLEAN HARBORS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLEAN HARBORS INC (CLH) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."