Piper Jaffray analyst Alexander Potter reiterated an Underweight rating and $4 price target on Clean Energy Fuels (NASDAQ: CLNE) following Q3 results.

Potter commented, "We remain Underweight following CLNE's Q3 results. Management has taken a more cautious approach to cash management, as evidenced by a sharp reduction in G&A spending during Q3 (SG&A totaled $28.2M in the quarter, a decline of 15.8% y/y and 18% q/q). Furthermore, capex spending in 2015 will likely decline vs. 2014, which should help the company stay afloat. However, per-gallon gross profitability remains well shy of expectations (still sub-$0.30), and until this metric improves, we think it will be difficult for CLNE to generate a sufficient amount of cash. Our price target of $4.00 remains based on 1x estimated book value in one year's time."

The firm cut FY 2014 EPS from ($1.02) to ($1.05) and FY 2015 EPS from ($0.52) to ($0.75).

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Shares of Clean Energy Fuels closed at $6.68 yesterday.