Clean Energy Shares Up 8.2% on Raymond James's Second Upgrade in Six Months
03 Outubro 2023 - 1:31PM
Dow Jones News
By Sabela Ojea
Shares of Clean Energy Fuels climbed Tuesday after Raymond James
again upgraded its recommendation on the company and set up a
target price of $6.
At 11:41 a.m. ET, shares were up 8.2% at $3.89. The stock has,
however, dropped 26% since the year started, and 36% in the past 12
months.
The investment banking company raised the renewables company to
strong buy from outperform following April's outperform upgrade
from a prior market performance rating.
"The company is that much closer to ramping up production of
dairy-based renewable natural gas on an in-house basis and the U.S.
Treasury is that much closer to unveiling the details of the
brand-new Section 45Z [clean fuel production] credit," analysts
said.
The Section 45Z should provide a massive boost to the
profitability of renewable natural gas projects, analysts
added.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 03, 2023 12:16 ET (16:16 GMT)
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