Cowen reiterated a Market Perform rating on Quantum Fuel Systems (NASDAQ: QTWW), and cut the price target to $1.00 (from $2.25), following the company's 3Q earnings report. Quantum reported 3Q15 revenue of $9.5mn, a 43% increase over 3Q14, below the Street's estimates of $12.3mn.

Gross margin in the quarter of 0.4% was adversely impacted by the costs associated with the commercialization of new products.

Analyst Jeffrey Osborne commented, "Revenue for 3Q15 totaled $9.5mn, below our and consensus estimates of $13.1mn and $12.3mn. Margins were negatively impacted by new product commercialization efforts, volume, price discounts, and other indirect COGS. We see new product launches in the quarter as a positive and look for UPS and Ryder for upside to 2016 estimates. We also look to monitor the new virtual pipeline offering."

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Shares of Quantum Fuel Systems closed at $1.02 yesterday.