Roth Capital Downgrades FuelCell Energy (FCEL) to Neutral on Beacon Falls Miss

Roth Capital downgrades FuelCell Energy (Nasdaq: FCEL) from Buy to Neutral and cuts its price target from $7.50 down to $4, noting that the New England Clean Energy RFP did not select the company's Beacon Falls project for funding.

The firm commented today:

• Energy RFP process. FuelCell Energy announced today that the New England Clean Energy RFP did not select the company's Beacon Falls project for funding. We interpret this as a material negative, as the Beacon Falls project likely had one of the most attractive cost structures (value propositions) in FuelCell Energy's entire $2bn pipeline.
• We expect management to take immediate and necessary actions to reduce the company's operating costs, or cash burn will be significantly higher than what is now reflected in our model

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

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