Last night I reported on Clean Energy Fuel’s (CLNE) strong earnings report and the Janney Montgomery Scott Buy rating reiteration is helping to push the stock to a new all time high today with heavy volume.  They have raised the price target as well to $26.  Hat tip to Street Insider for the following analyst comment:

“Clean Energy Fuels reported 4Q09 revenue and EPS that beat consensus revenue and EPS on lower-than-expected volumes. We would be buyers of CLNE after this strong earnings report. The company saw better gross margins, which we expect to improve slightly going forward as the stations see more traffic. The backlog of stations, a key indicator of future demand, has moved up from 80 mid last year to around 200 today. While the Ports of LA and LB continue to roll out slowly, the deadline for the next round of funding ($16 million or around 250 trucks) is this Friday. They should finally pass the 1,000 truck milestone at the Ports in 2Q10. Also the Senate passed a key bill yesterday afternoon which extends the $0.50 tax credit for 2010 and makes it retroactive to January 1, 2010.  We are raising our 2010 and 2011 estimates, driven mainly by better gross margins and increased conversions from CLNE’s BAF subsidiary. We reiterate our BUY rating and are upping our fair value estimate to $26 from $23 based on 18x our new CY2011 EPS estimate of $1.45 (previously $1.27).”

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