Clean Energy: What Was Piper Thinking?
On Tuesday, Piper Jaffray made the Clean Energy Fuels (CLNE) stock its top sell through 2014 based on several reasons that don't add up. The firm also lowered the target price to $4.50 from $9.50. Considering the stock was trading around $13, the research report naturally caused the stock to absolutely plunge the following day.
The company is a leading provider of natural gas fuel for transportation in North America. It builds and operates compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations. Note that the company's description absolutely lists CNG as a fuel it sells. This fact will come into play as we deconstruct the analyst call.
Read the full article at Seeking Alpha.
Disclosure: No positions mentioned. Please review the disclaimer page for more details.