FuelCell Energy (FCEL) PT Raised at TD Cowen as 'Data-Center Pipeline Momentum Drives Optimism'

TD Cowen analyst Jeffrey Osborne raised the price target on FuelCell Energy (NASDAQ: FCEL) to $9.00 (from $7.00) while maintaining a Hold rating.

The analyst commented: "Data-Center Pipeline Momentum Drives Optimism; FuelCell delivered 18% sequential revenue growth in 4Q25 as GGE replacement modules were delivered, while operating loss narrowed as the company exited SOFC development. Backlog declined 4% QoQ, and Exxon Rotterdam modules are built, targeting 2H26 demo unit start. Raise price target to $9 based on 1x FY26 EV/revenue.

Positives: Sequential revenue increased ~18% Q/Q to $55mn, driven by the delivery of 10 modules to GGE under the LTSA. Loss from operations improved significantly to $(28.3)mn vs. $(95.4)mn in Q3, as the previous quarter included $64.5mn of non-cash impairment tied to SOFC. Data-center pipeline momentum continues, with engagement across hyperscalers, utilities, and infra players. ExxonMobil's Rotterdam carbon capture modules are complete and expected to ship soon; startup is anticipated in 2H26. Negatives: Gross loss widened sequentially despite higher revenue. Backlog was down Q/Q from $1.24bn to $1.19bn."

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