Montauk Renewables price target lowered to $3 from $3.50 at Clear Street

Clear Street lowered the firm’s price target on Montauk Renewables (MNTK) to $3 from $3.50 and keeps a Buy rating on the shares. The firm lowered its price target to reflect “higher net debt leverage, cash burn of $54M forecast this year, and potential delays reaching breakeven free cash flow until late next year.” Clear Street added that it remains “disappointed” by the increase magnitude of the company’s Operating & Maintenance expense, which has come in much higher than expected in three of the past five quarters.