UPDATE: Jefferies Raises PT on Clean Energy Fuels Ahead of Q2 Earnings Call

In a report published Wednesday, Jefferies analyst Laurence Alexander reiterated a Hold rating on Clean Energy Fuels CLNE, and raised the price target from $12.00 to $14.00.

In the report, Jefferies noted, “Overall, we expect Clean Energy Fuels to use the Q2 earnings call to highlight positive industry trends. According to various media reports, all of UPS' HD delivery truck purchases through 2014 will be NGVs (285 new orders on top of 700 previously announced) and UPS is building 9 fueling stations, AT&T will convert 650 trucks to CNG; P&G is working with 8 fleets to convert 20% of its truck load shipments to NG by 2015, Ryder is adding 39 CNG trucks to its fleet of 300 LNG HDs, Kenworth predicts NGVs will represent 4%-5% of HD trucks in 2013, or 11,000-12,000 units, Peterbilt expects the ISX12 G to be 30% of the 2,000 NG trucks it expects to sell in 2013.”

Clean Energy Fuels closed on Tuesday at $13.37.