Cowen Keeps FuelCell (FCEL) at Outperform Following Q4 Results; PT Under Review

Cowen and Company maintains its Ouperform rating and $2 price target on FuelCell (Nasdaq: FCEL) following the company's Q4 results issued Monday night. The firm noted that its price target would be under review following the company's quarterly call.

Analyst Robert Stone made a few brief observations following FuelCell's results: Q1:F14 sales were 2% above consensus. Net loss was 16% wider on lower GM and higher expenses; in-line (4c) per share reflects higher shares. Backlog declined Q/Q, but multiple MW of orders have been negotiated and await final customer or regulatory approval.

On group valuations, Stone commented, Fuel cell and hydrogen-related companies (Ballard Power (Nasdaq: BLDP), FCEL, Hydrogenics (Nasdaq: HYGS), and Plug Power (Nasdaq: PLUG)) are trading from 3.5-9.7x EV/2015E sales, and Capstone Turbine (Nasdaq: CPST) is 2.9x ... We believe a common element for the group is that they represent emerging technologies, which, after many years of development, are transitioning toward profitability.

For an analyst ratings summary and ratings history on FuelCell, click here. For more ratings news on the company, click here.

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