Roth Reiterates Hydrogenics (HYGS) at 'Buy'; Would be Buyers Ahead of Large Order Placements

Roth Capital affirms Hydrogenics Corporation (Nasdaq: HYGS) at Buy with a price target of $13 following Q1 results issued Wednesday night.

Analyst Craig Irwin commented, Hydrogenics reported transitional 1Q16 results, where weak revenue on the push out of certain customer deliveries was counter balanced by strong gross margins and tight expense management. The backlog is strong with $30 million coverage for 12-month revenue. We continue to monitor several large potential orders including KOLON, KURION, Power-to-Gas, and hydrogen refueling stations, but there were no major projects booked during 1Q16. We would be buyers of HYGS common shares ahead of probable large-size orders.

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