Clean Energy price target lowered to $22 from $27 at Lake Street

Lake Street analyst Robert Brown lowered the firm’s price target on Clean Energy (CLNE) to $22 from $27 and keeps a Buy rating on the shares after the company reported Q4 revenue below the firm’s estimate, which it attributes to lower RIN and LCFS pricing and the timing of opening new stations for Amazon (AMZN). Management’s 2023 outlook for EBITDA of $50-$60 million assumes flat pricing and the firm is reducing its estimates as a result, adding that its lower price target also reflects new debt and future capex expectations.