Raymond James Says Short Clean Energy Fuels Shares

Shares of Clean Energy Fuels

are down more than 4 percent Thursday afternoon following some bearish comments from Raymond James' Pavel Molchanov. The analyst recommended investors short the stock for the next 12 months, citing recent gains in the price. Molchanov believes Clean Energy Fuels is dealing with an "exceedingly high" cost structure, low barriers to entry, and the possibility fuel margins could be under pressure over time. Molchanov suggested the company's leverage was near what he refers to as the "danger zone" on the heels of the September convertible debt financing. Raymond James and Molchanov currently rate Clean Energy Fuels with an Underperform rating. With about two hours left in the trading session, the stock last traded at $12.88.