JPMorgan Starts FuelCell Energy (FCEL) at Overweight, Says Co Pivoting into Profitability and Toward Growth
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(Updated - October 8, 2020 8:29 AM EDT)
JPMorgan analyst Paul Coster initiates coverage on FuelCell Energy (NASDAQ: FCEL) with a Overweight rating.
The analyst comments "After many years of investment and cash-burn, the company, with a recently-strengthened balance sheet, now seems poised to pivot into profitability by converting project backlog into recurring revenues, and drive strong long-term growth from accelerating adoption of distributed generation solutions, and early-stage adoption of Carbon Capture and Hydrogen-based energy storage solutions. Near-term catalysts include major projects with Exxon Mobil, Toyota and the introduction of a solid oxide fuel cell and electrolyzer solutions geared toward Hydrogen."
Shares of FuelCell Energy closed at $2.16 yesterday.
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