Dougherty & Co Starts FuelCell Energy (FCEL) at Buy
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Dougherty & Co initiates coverage on FuelCell Energy (NASDAQ: FCEL) with a Buy rating and a price target of $2.45.
Analyst Pierre Maccagno said, "We believe FCEL has reached an inflection point with its power stations as it accelerates penetration into its markets driven by a competitive levelized cost of electricity (LCOE) and several advantages including distributed baseload, ultraclean, high efficiency and reliable generation of electrical power. We expect FCEL to become profitable by the beginning of F2016 as it expands its margins by lowering its manufacturing costs driven by economies of scale and as it shifts its product mix to double ASP and higher margin turnkey installations vs kits and modules. We believe the stock is undervalued at current levels since investors may not be convinced yet that the market for stationary power stations based on fuel cells is ripe for significant growth."
Shares of FuelCell Energy closed at $1.27 yesterday.
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