UPDATE: Piper Jaffray Downgrades Clean Energy Fuels to Underweight on LNG Station Delays
Piper Jaffray reduced its rating on Clean Energy Fuels (NASDAQ: CLNE) from Neutral to Underweight and lowered its price target from $11.25 to $9.
Piper Jaffray commented, "While the market was closed due to Hurricane Sandy, natural gas engine maker Westport Innovations (WPRT) guided 2012 revenue lower. Reasons for the guide-down included macroeconomic uncertainty as well as the "delayed availability of liquefied natural gas (LNG) infrastructure". We expect this latter statement to weigh heavy on shares of CLNE, which is the nation's largest builder/owner/operator of LNG fueling stations. CLNE had originally planned on opening 150 roadside LNG stations by the end of 2013 (and ~70 by the end of 2012), but we believe this schedule will prove unrealistic."
Clean Energy Fuels closed at $12.11 on Friday.
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