UBS upgraded Aemetis to Buy from Neutral with a price target of $10.50, up from $2.50, which implies 50% share upside. The pace of dairy projects coming online has surprised to the upside, says the analyst, who sees Aemetis operating 16 dairy projects by Q2 of 2024 versus prior expectations of nine. In addition, the firm believes the company being awarded the first C02 sequestration characterization well permit in California gives it a “major first mover advantage.” UBS says Aemetis is “leading the charge” on negative dairy renewable natural gas.
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