Cowen Reiterates Market Perform on Quantum Fuel Systems (QTWW) Following 3Q

Cowen reiterated a Market Perform rating on Quantum Fuel Systems (NASDAQ: QTWW), and cut the price target to $1.00 (from $2.25), following the company's 3Q earnings report. Quantum reported 3Q15 revenue of $9.5mn, a 43% increase over 3Q14, below the Street's estimates of $12.3mn.

Gross margin in the quarter of 0.4% was adversely impacted by the costs associated with the commercialization of new products.

Analyst Jeffrey Osborne commented, "Revenue for 3Q15 totaled $9.5mn, below our and consensus estimates of $13.1mn and $12.3mn. Margins were negatively impacted by new product commercialization efforts, volume, price discounts, and other indirect COGS. We see new product launches in the quarter as a positive and look for UPS and Ryder for upside to 2016 estimates. We also look to monitor the new virtual pipeline offering."

For an analyst ratings summary and ratings history on Quantum Fuel Systems click here. For more ratings news on Quantum Fuel Systems click here.

Shares of Quantum Fuel Systems closed at $1.02 yesterday.

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