FBR Capital Downgrades FuelCell Energy (FCEL) to Market Perform
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FBR Capital downgraded FuelCell Energy (NASDAQ: FCEL) from Outperform to Market Perform with a price target of $5.50 (from $9.00).
Analyst Carter Driscoll commented, ". Yesterday, FCEL disclosed that it did not win approval to move into contract negotiations for the 63.3 MW project located at Beacon Falls, CT. Management disclosed that there was no explanation provided as to why the project was not selected. There were several positive characteristics that appeared to position the project for success. We suspect, but have not yet been able to verify, that economics may have played a part as the award winners for the tri-state clean energy RFPs were wind and solar projects, which typically have a lower generation cost. Regardless, the loss of the project negatively impacts our FY17 revenue and margin forecasts and we have lowered estimates as a result. While we believe there are still some near-term catalysts, we are less confident in the timing of potential awards and believe the stock is in a "show-me" mode. We are stepping to the sidelines, removing FCEL as our Alpha Generator pick, cutting our price target to $5.50 from $9, and lowering our rating to Market Perform from Outperform."
Shares of FuelCell Energy closed at $3.75 yesterday.
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