UPDATE: Bank of America Lowers PT on Clean Energy Fuels from $19 to $16

Bank of America has published a report on Clean Energy Fuels Corp CLNE lowering the price target. In the report, Bank of America wrote, "IMW revenue slowed to $14 million from almost $17 million in 1Q/11. Last year, IMW was selected to supply equipment for 120 stations for China Gas, though management sees the segment completing 45 stations by mid-2012. Despite the slowdown, the company remains bullish on the segment after positive talks with China Gas and the introduction of IMW's new portable CNG fueling station." Bank of America rated Clean Energy Fuels Corp a BUY with a price target lowered from $19.00 to $16.00. Clean Energy Fuels Corp closed Monday at $12.64.