UPDATE: Ascendiant Capital Markets Initiates Quantum Fuel Systems Tech Worldwide at Strong Buy on Multiple Positive Factors

In a report published Thursday, Ascendiant Capital Markets analyst Carter W. Driscoll initiated coverage on Quantum Fuel Systems Tech Worldwide QTWW with a Strong Buy rating and $3.50 price target.

In the report, Ascendiant Capital Markets noted, “We are initiating coverage on Quantum Fuel Systems Technologies (QTWW) with a STRONG BUY rating and PT of $3.50. We are positive on QTWW's near term revenue ramp up in the U.S. market due to accelerating demand for transportation using compressed natural gas (CNG), favorable regulatory environment (push for better fuel economy) and attractive economics for displacing petroleum with natural gas as a transportation fuel. With proprietary capabilities in fuel storage/system and propulsion technologies, we believe QTWW is well-positioned to benefit from a growing market for fuel efficient automotive technologies.”

Quantum Fuel Systems Tech Worldwide closed on Wednesday at $2.37.