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Clean Energy Fuels Downgraded At Raymond James, In Response To Inflation Recovery Act

·1 min read
  • Raymond James analyst Pavel Molchanov downgraded Clean Energy Fuels Corp (NASDAQ: CLNE) to Market Perform, from Outperform, without a price target.

  • The analyst talks about The Inflation Reduction Act, which is set to be signed into law this week and comprises a grab-bag of "carrots" — the only kind of climate policies that can actually get through Congress.

  • Molchanov states that Clean Energy represents arguably the most straightforward example of how a clean tech company benefits from the Inflation Reduction Act.

  • The analyst notes that Clean Energy is a high-growth story, but it is a commodity business, and its profitability is always highly sensitive to policy incentives — AFTC, RINs, and California LCFS credits –so there is a limit to how lofty a valuation can get.

  • At this point, he believes that valuation is close to fair value — put another way, the trade ran its course, he added.

  • Price Action: CLNE shares are trading lower by 2.19% at $7.82 on the last check Tuesday.

  • Photo Via Company

Latest Ratings for CLNE

Date

Firm

Action

From

To

Jan 2022

Evercore ISI Group

Upgrades

Underperform

Outperform

Jan 2022

Raymond James

Upgrades

Underperform

Market Perform

Aug 2021

Credit Suisse

Maintains

Outperform

View More Analyst Ratings for CLNE

View the Latest Analyst Ratings

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