B.Riley FBR Maintains a Buy Rating on Fuelcell Energy

By Ryan Adsit

B.Riley FBR analyst Carter Driscoll maintained a Buy rating on Fuelcell Energy (NASDAQ: FCEL) on June 8 and set a price target of $3.50. The company’s shares closed on Friday at $1.75.

Driscoll wrote:

“CT clean energy awards the next catalyst. FuelCell Energy (FCEL) delivered F2Q18 revenues and EPS below our estimates, largely from the timing of additions to its power generation portfolio and a $0.4M charge to COGS for abandoning a small project no longer deemed economically viable. FCEL’s record backlog of $1.6B and recent ITC extension support the transition to building its power generation portfolio, which remains on track to grow almost 3X to reach over 30 MW (generating electricity revenues under long-term PPAs) by FYE18. Management detailed the financing needs and economics of a theoretical $40M project (we estimate 12 MW) that would utilize project debt for construction and FCEL’s working capital position and deliver ~40% EBITDA margins.”

According to TipRanks.com, Driscoll is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -8.3% and a 32.1% success rate. Driscoll covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, Enphase Energy, and Plug Power.

Currently, the analyst consensus on Fuelcell Energy is Moderate Buy and the average price target is $3.75, representing an 114.3% upside.

In a report issued on June 7, Oppenheimer also assigned a Buy rating to the stock with a $4 price target.

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The company has a one-year high of $2.49 and a one-year low of $1.07. Currently, Fuelcell Energy has an average volume of 773K.

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FuelCell Energy, Inc. designs, manufactures, sells, installs and services stationary fuel cell power plants for distributed power generation. It offers renewable power markets. Its services also include engineering, procurement, and installation; and training.