UPDATE: Piper Jaffray Lowers PT on Clean Energy Fuels from $16.50 to $14

Piper Jaffray maintained a Neutral rating on Clean Energy Fuels

and lowered its price target from $16.50 to $14. Piper Jaffray commented, “After speaking with a fleet manager earlier this week and examining a number of recent headlines, we believe CLNE's legacy CNG business is exposed to rising levels of competition. As natural gas penetration increases, we believe captive fleets will prefer to fill their trucks overnight using CNG purchased directly from utilities; this approach cuts CLNE out of the CNG procurement process. The proliferation of competitors in this segment is shrinking CLNE's margin for error in the long-haul LNG market, where the juiciest margins ($1.50/gal) can still be earned. We are trimming our estimates to reflect fewer new stations in the CNG segment.” Clean Energy Fuels closed at $14.19 on Thursday.