Demand for renewables strong despite complicated economic environment: Raymond James

Clean Energy Fuels

05/04/2023 13:20

** Clean tech stocks are off to a moderately good start in
2023, says Ramond James
    ** Adds demand remains strong despite complicated economic
environment, supply chain issues slowly improving, and interest
rate challenges manageable
    ** On both sides of the Atlantic, banks continue to have a
strong appetite to lend to clean tech projects in view of the
generally low risk involved and for ESG scores - Raymond James
    ** Says EU’s Green Deal Industrial Plan, which aims to
replicate the U.S. Inflation Reduction Act in promoting domestic
manufacturing of everything from PV modules to hydrogen
electrolyzers, signals that protectionism remains a potent trend
    ** Lithium spot is down 58% from its all-time high in
November 2022, but still 38% higher than pre-COVID levels in
2017 - RJ
    ** Brokerage sees price drop as beneficial for economics of
battery production and adoption of electric vehicles
    ** Upgrades Clean Energy Fuels  CLNE.O  from Market Perform
to Outperform; says stock presents textbook buy-on-the-dip
opportunity after harsh reaction to lower-than-expected 2023
guidance
    ** Downgrades Bloom Energy  BE.N  from Strong Buy to
Outperform; says electrolyzer rollout taking longer than
expected

 Company                                  New PT     Old PT
 Ameresco Inc  AMRC.N                     $65        $70
 Bloom Energy Corp  BE.N                  $25        $29
 Enviva Inc  EVA.N                        $55        $65
 FTC Solar Inc  FTCI.O                    $4         $5
 Livent Corp  LTHM.N                      $30        $35
 Maxeon Solar Technologies Ltd  MAXN.O    $30        $24
 SunPower Corp  SPWR.O                    $21        $25
 TPI Composites Inc  TPIC.O               $22        $24
 Tritium DCFC Ltd  DCFC.O                 $3         $4
 Energy Recovery Inc  ERII.O              $26        $23
 
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))