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Fly News Breaks for February 28, 2019
HCCI
Feb 28, 2019 | 06:22 EDT
Stifel analyst Michael Hoffman downgraded Heritage-Crystal Clean to Hold with an unchanged price target of $25. The current valuation is fully discounting in the "ongoing healthy organic growth" and margin expansion of the company's Environmental Services unit but does not reflect the near-term challenges in Used Oil, Hoffman tells investors in a research note. While Used Oil should benefit from IMO-2020 rule, evidence of that is not likely before Q3, leaving the unit's first half of 2019 sales and margins under pressure, says the analyst.
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