Cowen Downgrades FuelCell Energy (FCEL) to Market Perform

Cowen analyst Jeffrey Osborne downgraded FuelCell Energy (NASDAQ: FCEL) from Outperform to Market Perform with a price target of $1.00 (from $2.75).

The analyst commented, "We downgrade to Market Perform from Outperform and lower our price target from $2.75 to $1.00. We have been wrong on FCEL shares for the past year despite the company locking down financing for LIPA projects and acquiring Bridgeport. While we have felt a capital infusion was necessary, hiring of a restructuring firm and dismissal of the CEO by the Board move us to the sidelines. Lower PT to $1."

For an analyst ratings summary and ratings history on FuelCell Energy click here. For more ratings news on FuelCell Energy click here.

Shares of FuelCell Energy closed at $0.78 yesterday.

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