FuelCell Energy (FCEL) Added to FBR Alpha Generator; Sees Multiple Near-Term Catalysts
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FBR Capital added FuelCell Energy (NASDAQ: FCEL) to its Alpha Generator list while reiterating an Outperform rating and price target of $9.00. The analyst cited near-term catalysts.
Analyst Carter Driscoll commented, "We are updating our Alpha Generator pick to Outperform-rated FCEL. We believe multiple positive catalysts over the next couple of months should drive revenue growth and an enhanced margin profile, pushing the stock higher. We remind investors of three near-term potential catalysts, which we outline below, as well as the new PPA model FCEL has in place. For catalysts, we believe FCEL is well positioned to win deployments from three different clean-oriented RFPs with approximately 80 MW in potential fuel cell deployments. We believe the current share price does not reflect these near-term awards."
The analyst sees for main catalysts:
Catalyst 1: Before the end of 2016, we expect FCEL to win the 63.3 MW Beacon Falls project due to its superior economic profile and other positive qualitative characteristics...
Catalyst 2: We believe the second catalyst will come when FCEL announces the carbon capture site selection with the DOE...
Catalyst 3: We believe the third catalyst could come as soon as January 2017 when PSE&G announces the awards of its Long Island-based 40 MW fuel cell RFP.
Catalyst 4: Finally, we believe Congress may extend the Investment Tax Credit (ITC) for fuel cells, similar to what the solar industry received last December, improving the economic payback for fuel cell installations.
Shares of FuelCell Energy closed at $5.30 yesterday.
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