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UPDATE: Ascendiant Capital Markets Initiates Coverage on Hydrogenics Corporation with Strong Buy Rating, $8.50 PT

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In a report published Monday, Ascendiant Capital Markets initiated coverage on Hydrogenics Corporation (NASDAQ: HYGS) with a Strong Buy rating and $8.50 price target.

Ascendiant noted, “Hydrogenics appears poised for a significant breakout on very favorable operational developments. It may have taken a few years to develop, but the company appears to be firing on all cylinders, evidenced by significant new project awards and a rapidly climbing backlog. Hydrogenics had (until today) no sell-side analyst coverage. We expect broadening coverage on the continued flow of good news. Though it may be perceived as a clean tech play, we propose that Hydrogenics is actually a well-established industrial company with excellent technology, global presence and distribution, and significant clean tech upside potential.”

Hydrogenics Corporation closed on Friday at $5.95.

Latest Ratings for HYGS

DateFirmActionFromTo
Mar 2014Ascendiant CapitalInitiates Coverage onBuy
Nov 2013Ascendiant CapitalUpgradesNeutralStrong Buy
Feb 2013Roth CapitalInitiates Coverage onBuy

View More Analyst Ratings for HYGS
View the Latest Analyst Ratings

Posted-In: Ascendiant Capital MarketsAnalyst Color Initiation Analyst Ratings

 

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