Canaccord Adams Maintains a 'Buy' on Fuel Tech (FTEK), Raises Price Target
FTEK Hot Sheet
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Canaccord Adams maintains a 'Buy' on Fuel Tech (Nasdaq: FTEK), raises price target from $12.50 to $14.
Canaccord analyst says, "We remain positively inclined on FTEK shares longer term as a broader technology suite and potential regulatory tailwind positions the company for an improved regulatory/capex cycle in 2010. We maintain our BUY rating while raising our price target to $14. We adjust our estimates to reflect a more conservative 2009 outlook given the challenging macro environment and pause in utility capex spending, while anticipating a rebound by the 2010 timeframe in APC specifically. Our 2009 estimates go to go to $75.6M/$(0.09) from $79.8M/$0.16, while we revise our 2010 estimates to $85.5M/$0.25 from $92.0M/$0.30."
Fuel Tech, Inc. (Fuel Tech) is an integrated company that uses a suite of technologies to provide boiler optimization, efficiency improvement and air pollution reduction and control solutions to utility and industrial customers worldwide.
Canaccord analyst says, "We remain positively inclined on FTEK shares longer term as a broader technology suite and potential regulatory tailwind positions the company for an improved regulatory/capex cycle in 2010. We maintain our BUY rating while raising our price target to $14. We adjust our estimates to reflect a more conservative 2009 outlook given the challenging macro environment and pause in utility capex spending, while anticipating a rebound by the 2010 timeframe in APC specifically. Our 2009 estimates go to go to $75.6M/$(0.09) from $79.8M/$0.16, while we revise our 2010 estimates to $85.5M/$0.25 from $92.0M/$0.30."
Fuel Tech, Inc. (Fuel Tech) is an integrated company that uses a suite of technologies to provide boiler optimization, efficiency improvement and air pollution reduction and control solutions to utility and industrial customers worldwide.
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