Roth Capital Downgrades FuelCell Energy (FCEL) to Neutral on Beacon Falls Miss
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Roth Capital downgrades FuelCell Energy (Nasdaq: FCEL) from Buy to Neutral and cuts its price target from $7.50 down to $4, noting that the New England Clean Energy RFP did not select the company's Beacon Falls project for funding.
The firm commented today:
- Energy RFP process. FuelCell Energy announced today that the New England Clean Energy RFP did not select the company's Beacon Falls project for funding. We interpret this as a material negative, as the Beacon Falls project likely had one of the most attractive cost structures (value propositions) in FuelCell Energy's entire $2bn pipeline.
- We expect management to take immediate and necessary actions to reduce the company's operating costs, or cash burn will be significantly higher than what is now reflected in our model
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