Roth Capital is out with a bit of commentary on FuelCell Energy (Nasdaq: FCEL) ahead of the company's Q216 report, which is expected out after markets close today. The firm has FCEL at Buy with a price target of $12.

Analyst Craig Irwin is looking for FuelCell to post inline results for Q2. The analyst said, We are forecasting F2Q16 revenue/EPS/EBITDA of $34.6m/($0.40)/($7.4m) with the consensus at $35.0m/($0.40)/($7.7m), respectively. We don't view quarterly results as particularly meaningful at this point, given the significant bookings necessary to backfill the POSCO transition, and apparent market skepticism this will be achieved.

We look for an update on targeted new opportunities including the LIPA and New England RFP procurements. We continue to expect LIPA submissions to be submitted this June, and expect the New England Clean Energy RFP to announce project selections on or before July 26, 2016. We do not believe the four disclosed projects in California have yet moved forward, based on relevant SGIP filings, the analyst noted.

Managment might also update on FuelCell's carbon capture partnership with ExxonMobil, the analyst said.

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