Piper starts Aemetis at Underweight, says valuation discount merited

Piper Sandler last night initiated coverage of Aemetis with an Underweight rating and $3 price target. The stock’s "steep" valuation discount is merited, given the "myriad of potential risks" listed in the company focus section, including debt load, development experience, internal controls, and mix of unproven businesses, the analyst tells investors in a research note. The firm also highlights Aemetis’s lower leverage to upstream renewable natural gas projects.