Opal Fuels initiated with Overweight, $12 target at Piper Sandler

Piper Sandler analyst Ryan Todd last night initiated coverage of Opal Fuels with an Overweight rating and $12 price target. Opal has one of the highest EBITDA growth rates to 2025 in the space, supported by leading upstream renewable natural gas exposure, 16 high visibility projects and power project conversions, the analyst tells investors in a research note. The firm says the company’s vertical integration provides advantaged economics and low-volatility cash flow stream.