FBR Capital Downgrades FuelCell Energy (FCEL) to Market Perform
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Downgrades Kroger (KR) to Hold
- Shopify (SHOP): CFO Meetings Indicate Strong Growth Ahead - Wedbush
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesFBR Alpha Generator
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!