Canaccord Genuity Adjusts Price Target and Estimates on FuelCell Energy (FCEL); Maintains 'Buy' Rating

Canaccord Genuity maintains a 'Buy' on FuelCell Energy (NASDAQ: FCEL), PT lowered from $4.50 to $3.00.

Canaccord analyst, John Quealy, said, "We maintain our rating on FuelCell as operational metrics – GMs, backlog, production rates and visibility – all look to be trending favorably. That said, cash utilization and lumpy order flow keep the risk profile elevated, in our view...Our F2011 revenue estimate adjusts to $116.2M from $110.3M, while EPS remains intact at $(0.37). Our F2012 estimates go to $144.0M/$(0.25) from $122.0M/$(0.16), supported by the recent POSCO (NYSE: PKX) order flow."

For more ratings news on FuelCell Energy click here and for the rating history of FuelCell Energy click here.

Shares of FuelCell Energy closed at $1.48 yesterday.

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