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FuelCell Energy Gains Over 10% On $8M US Contract

support@smarteranalyst.com (Ben Mahaney)
·1 min read

Shares of FuelCell Energy surged over 10% on Friday after the fuel cell technology leader won a $8 million government project by the U.S. Department of Energy (DoE).

FuelCell Energy (FCEL) said that the government project “will be the first multi-stack electrolysis system produced with the Company’s solid oxide technology” and would in turn enable it to commercialize its high efficiency electrolysis technology. It would “support the design and manufacture of a SureSource electrolysis platform capable of producing hydrogen.”

On Oct. 8, J.P. Morgan analyst Paul Coster initiated coverage on the stock with a Buy rating and a $3 price target, as he sees “massive" opportunity in hydrogen-based sustainable energy storage solutions.

Coster said that FuelCell is set to "pivot into profitability" as backlogs turn into recurring revenues. The analyst added that the company’s near-term catalysts include "major projects" with Toyota and Exxon. (See FCEL stock analysis on TipRanks).

Currently, the Street has a cautiously optimistic outlook on the stock with a Moderate Buy analyst consensus. The average price target of $3 implies upside potential of about 14.5% to current levels. Shares are up by about 4.4% year-to-date.

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