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The fuel cell industry is moving higher after Cowen upgraded FuelCell (NASDAQ: FCEL) from Market Perform to Outperform. Analyst Jeff Osborne put a $3 price target on the stock.
“FuelCell Energy has made strong progress in reducing its fuel cell technology and manufacturing costs,” states Osborne. Further, FuelCell is transitioning from the stationary plant being an R&D creation to a commercially viable solution.
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Related Link: Plug Power, FuelCell and Ballard Power Shares Benefit From Wal-Mart Order
“Including benefits from Investment Tax Credit (ITC) and state-level incentives, the levelized cost of energy drops to $0.09-$0.11/kWh, which we believe is increasingly attractive relative to several states’ baseload pricing, and able to compete with intermittent renewable sources.”
The report further comments that FuelCell should have a positive EBITDA by the middle of 2015 at the latest. This will be be driven by further cost reductions and increasing sales.
Shares of FuelCell were last trading at $2.35, up 3.7 percent. The $3 price target implies 27.7 percent upside.
Plug Power (NASDAQ: PLUG) shares were up 3.2 percent. Ballard Power (NASDAQ: BLDP) shares down 0.4 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.