UBS cuts CLNE to Neutral with a $2.75 target, citing weak near-term catalysts for renewable natural gas stocks.
Clean Energy Fuels (CLNE) fell 6.9% in Monday trading after UBS downgraded the stock to Neutral from Buy, setting a $2.75 price target. The move reflects a broader slowdown in renewable natural gas (RNG) projects and a lack of immediate catalysts for the sector.
Prior to the downgrade, CLNE had been trading near $3.00, with UBS previously bullish on the stock. The renewable gas market has faced delays in project execution, weighing on investor sentiment for RNG-focused names.
Shares extended losses following the downgrade, underperforming peers in the clean energy space.