Raymond James anticipates shares of Clean Energy Fuels rising more than 42%, but warns that the stock's volatility 'makes it essential to be tactical.'
Raymond James says there's a "textbook buy-on-the-dip opportunity" for shares of Clean Energy Fuels — it could be a volatile ride for investors. The firm upgraded Clean Energy to outperform from market perform. It set a price target of $6 per share, which implies 42.8% upside from Wednesday's close price.
mountain CLNE in 2023 "Clean Energy's business model is diversifying from its historical status as purely a fuel distributor towards starting in-house production of RNG in 2023," Molchanov wrote in a Wednesday note. However, he added that "the growth story must be balanced against the fact that this commodity business is highly sensitive to both federal and state policy incentives, including a high degree of reliance on California's [Low Carbon Fuel Standard] credits.
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