UPDATE: Ascendiant Capital Initiates Clean Energy Fuels with Buy Rating on Attractive Valuation

In a report published Monday, Ascendiant Capital initiated coverage on Clean Energy Fuels Corp. CLNE with a Buy rating and $15.50 price target. Ascendiant Capital noted, “Clean Energy is the largest provider of natural gas fuel for transportation in North America and is leading the deployment of natgas fueling infrastructure with plans to construct ~120-130 liquefied natural gas (LNG) retail fuel stations by YE13. Through a series of acquisitions, the company has become more vertically integrated and is becoming a one-stop shop for the emerging retail natgas market. CLNE sells compressed natural gas (CNG) and liquefied natural gas (LNG) for vehicle fueling, constructs and operates natgas fueling stations, sells compressor equipment and technology, produces landfill gas (biomethane) and converts vehicles to natgas.” Clean Energy Fuels Corp. closed on Friday at $13.33.