Raymond James analyst Pavel Molchanov lowered the price target on Clean Energy Fuels (NASDAQ: CLNE) to $2.50 (from $4.00) while maintaining a Strong Buy rating.

The analyst comments "Natural gas fuels, including the biogas-derived variety, have a compelling growth outlook, particularly given fuel price advantages in the current environment. Clean Energy’s (CLNE) business model is diversifying from its historical status as purely a fuel distributor, with inhouse production of RNG underway (and EBITDA positive for 2026+). The growth story should be balanced against the fact that the business is still sensitive to both federal and state policy incentives (which are becoming more favorable). With a solid 2026+ outlook and attractive valuation, we reiterate our Strong Buy rating. The low share price is a concern, but we think liquidity levels are strong (with solidly positive FCF) and the balance sheet is well-supported. 2Q26 recap: EBITDA miss on softer O&M margins. CLNE reported 2Q26 adj. EBITDA of ~$16 million versus RJe/Street of ~$19/18 million on softer O&M margins. Overall volumes were roughly in line with our model - with CLNE reporting ~63.2 million gallons of RNG (RJe: 64.5M) and slightly higher CNG at ~18.6 million gallons (RJe: 16.1M)."