Market Overview

FuelCell Up 3.5% On Cowen Upgrade

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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.

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.

Latest Ratings for FCEL

DateFirmActionFromTo
Jan 2020Craig-HallumDowngradesHoldSell
Dec 2019Craig-HallumReinstatesHold
Jun 2019OppenheimerDowngradesOutperformPerform

View More Analyst Ratings for FCEL
View the Latest Analyst Ratings

 

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Posted-In: Cowen Jeff OsborneAnalyst Color Upgrades Price Target Analyst Ratings

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