Why Renewable Energy Group Stock Is Soaring Today
Shares of Renewable Energy Group (NASDAQ: REGI) rocketed more than 13% by 11 a.m. EDT on Tuesday. Analysts helped fuel the renewable energy stock by initiating coverage on the company.
Analysts at both Credit Suisse and Truist initiated coverage on Renewable Energy Group today. Credit Suisse started the company with an outperform rating while setting its price target at $51 per share (which implies 35% more upside even after today's rally). Fueling that bullish sentiment is the bank's view that the pure-play biodiesel and renewable diesel producer is in a unique position to benefit as the economy increasingly demands less carbon-intense fuel sources.
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Source Fool.com
