Clean Energy downgraded to Hold at Jefferies on headwinds to X15N ramp

Jefferies downgraded Clean Energy (CLNE) to Hold from Buy with an unchanged price target of $2.20. Management had a “cautious tone” on the X15N ramp, potentially pushing out “the key growth driver,” says the analyst, who moves to the sidelines as the firm expects the stock to remain at current levels in the near-term. RNG adoption in long-haul HD trucking remains slow and this weak market has directly impacted the X15N rollout and sales have lagged due to these factors and the initial cost premium, the analyst added.