FBR Remains Bullish on FuelCell Energy Inc (NASDAQ:FCEL)

By Howard Kim

FBR Capital analyst, Carter Driscoll, weighed in on FuelCell Energy Inc (NASDAQ:FCEL) following an equity raise in the stock. He believes that this increase sends bullish signals and provides a financial cushion as project awards roll around the corner.

FuelCell Energy generated net proceeds of $36.6 million from a registered direct offering that included the addition of 1.4 million new shares and the prepayment of $33.81 worth of warrants. The deal provides additional cash ahead of multiple awards expected to be handed out in the near-term. Given the structure of the deal, the analyst remains bullish.

Driscoll reiterates an Outperform rating for FCEL with a price target of $9.

The consensus price target for FuelCell Energy is $12.00, marking a 109.42% upside from current prices.