Montauk Renewables downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank analyst Paul Cheng downgraded Montauk Renewables (MNTK) to Sector Perform from Outperform with a price target of $6, down from $8, as the firm sees limited near-term catalysts for the RNG sector in the next twelve months. The firm sees D3 RIN pricing being steady, 15L engine adoption dragging out, and waning sentiment on ESG investment, leading to its downgrades of Montauk and Opal Fuels (OPAL).