Clean Energy price target lowered to $5 from $22 at Lake Street

Lake Street analyst Robert Brown lowered the firm’s price target on Clean Energy (CLNE) to $5 from $22 and keeps a Buy rating on the shares. Multiple uncertainties are creating “lots of noise” for Clean Energy, including a lack of clarity on RIN, LCFS, and other tax credits, the ending of the California Clean Truck rules, and a weak truck purchasing environment, the analyst tells investors. Given the current backdrop, shares have declined significantly and the firm is reducing its price target to reflect the value of the current business, but it believes the “foundation is in place for strong growth in the trucking market and an inflection point for Clean Energy.”