Montauk Renewables price target lowered to $4 from $4.50 at Clear Street

Clear Street lowered the firm’s price target on Montauk Renewables (MNTK) to $4 from $4.50 and keeps a Buy rating on the shares after the company reported September quarter in-line to the firm’s forecasts. The firm trimmed its price target to reflect a lower valuation multiple warranted due to lower RINs pricing than it had expected due to regulation changes, as well as higher maintenance capex, less EBITDA growth than originally expected and larger cash burn.