Canaccord Adams Maintains a 'Buy' on Fuel Tech (FTEK), Raises Price Target

May 6, 2009 11:56 AM EDT

Canaccord Adams maintains a 'Buy' on Fuel Tech (Nasdaq: FTEK), raises price target from $12.50 to $14.

Canaccord analyst says, "We remain positively inclined on FTEK shares longer term as a broader technology suite and potential regulatory tailwind positions the company for an improved regulatory/capex cycle in 2010. We maintain our BUY rating while raising our price target to $14. We adjust our estimates to reflect a more conservative 2009 outlook given the challenging macro environment and pause in utility capex spending, while anticipating a rebound by the 2010 timeframe in APC specifically. Our 2009 estimates go to go to $75.6M/$(0.09) from $79.8M/$0.16, while we revise our 2010 estimates to $85.5M/$0.25 from $92.0M/$0.30."

Fuel Tech, Inc. (Fuel Tech) is an integrated company that uses a suite of technologies to provide boiler optimization, efficiency improvement and air pollution reduction and control solutions to utility and industrial customers worldwide.

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