CLNE - Clean Energy Fuels upgraded at Raymond James after decade on the sidelines

Clean Energy Fuels (NASDAQ:CLNE) +3.2% in Tuesday's trading, bouncing off 17-month lows, as Raymond James upgrades shares to Outperform from Market Perform with a $6 price target, turning positive on the stock for the first time since 2012. "We still have some concerns - this is an incentive sensitive business, and CNG will need to contend with electric buses and trucks - but the risk/reward is finally at a point where we can rationally recommend the shares," Ray Jay's Pavel Molchanov writes. The likely reinstatement of the federal Alternative Fuel Tax Credit represents an important catalyst coming up, according to Molchanov, whose model points to near-record EBITDA in 2023 even without the AFTC, approaching the pre-COVID peak of $86M in 2019. Clean Energy (CLNE) is diversifying from its historical status as purely a fuel distributor to starting in-house production of renewable natural gas in 2023, but "the growth story must

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Clean Energy Fuels upgraded at Raymond James after decade on the sidelines