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 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.