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Westport deal among 'most significant events' for nat gas

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Westport deal among 'most significant events' for nat gas transport in years Feb. 8, 2021 8:42 AMWestport Fuel Systems Inc. (WPRT)HDBy: Carl Surran, SA News Editor Westport Fuel Systems (NASDAQ:WPRT) +46.8% pre-market following a report after Friday's close that the company would supply natural gas truck engines to Amazon's U.S. truck delivery fleet. Analysts at Craig-Hallum are out with a quick bullish note on the deal, reiterating its Buy rating and $24 price target and calling it "arguably one of the most significant events for natural gas for transportation in many years." For the renewable natural gas industry, Craig-Hallum thinks the deal is significant since it "shows sustainability is top of mind and mission-critical for corporate fleets; illustrates the value of natural gas, especially when paired with RNG resulting in emissions lower than electric; and provides the definitive indication that natural gas is the ideal choice for heavy-duty (NYSE:HD) trucks rather than battery electric and fuel cells." "Given its position in the market as the lowest-risk path forward, we think that this order from Amazon will spark further (and much warranted) multiple expansion" for Westport shares," the firm writes. WPRT shares already had more than quadrupled since the November presidential election, which helped spark interest in clean energy tech.