Roth Capital Halves PT on FuelCell (FCEL) to $2 Amid CT-DEEP Rejection
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Roth Capital cuts its price target on Neutral-rated FuelCell Energy (Nasdaq: FCEL) from $4 down to $2, seeing a deeper impact from CT-DEEP rejection.
The firm commented today:
We are lowering our estimates and price target on rejection of FuelCell Energy's projects submitted for funding to the CT-DEEP 2-20MW program. We expect the management team to take timely action to reduce cash consumption, where we view recent operating costs as too high for the probable revenue trajectory.
Rejection of all fuel cell projects (including those submitted by Bloom and Doosan) by the CT-DEEP for the 2-20MW RFP is an incremental negative. The funding round selected nine solar projects, a wind installation, and 34 MW of energy efficiency, funding a total of 170 MW in projects. Management from FuelCell Energy had been vocal pointing to the CT-DEEP 2-20 program as a probable source of project funding following the Beacon Falls project rejection.
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