UPDATE: Ascendiant Capital Markets Initiates Coverage on Hydrogenics Corporation with Strong Buy Rating, $8.50 PT
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
|Mar 2014||Ascendiant Capital||Initiates Coverage on||Buy|
|Nov 2013||Ascendiant Capital||Upgrades||Neutral||Strong Buy|
|Feb 2013||Roth Capital||Initiates Coverage on||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.