Opal Fuels downgraded at Scotiabank on limited near-term RNG catalysts

As previously reported, Scotiabank downgraded Opal Fuels (OPAL) to Sector Perform from Outperform with a price target of $5, 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 Opal and Montauk Renewables (MNTK).