Needham & Company Maintains a 'Hold' on FuelCell Energy (FCEL); Hung on Negative Gross Margin

September 7, 2012 8:19 AM EDT Send to a Friend
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Price: $1.79 --0%

Rating Summary:
    3 Buy, 4 Hold, 0 Sell

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Needham & Company maintains a 'Hold' on FuelCell Energy (NASDAQ: FCEL).

Analyst, Michael Lew, said, "Better than expected revenues were offset by a return to negative gross margin due to lower production volumes composed mainly of fuel cell kit sales to POSCO Power. Backlog level was lower, but excludes the 120 megawatt (MW) order from POSCO that is expected to close in 2012. While production volumes have increased in the current quarter, we await a significant capacity increase with visibility to operating ‘breakeven’ before we could potentially become more positive on FCEL shares."

Raises FY13 EPS estimate from (0.21) to (0.17)

For an analyst ratings summary and ratings history on FuelCell Energy click here. For more ratings news on FuelCell Energy click here.

Shares of FuelCell Energy closed at $0.89 yesterday.


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