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Shares of electrical equipment manufacturer FuelCell Energy (FCEL) – Get the report fell Thursday after JPMorgan analyst Paul Coster downgraded the stock to the equivalent of the sale.
Coster has a price target of $ 10 on the Danbury, Connecticut company. FuelCell shares in the last check fell 11% to $ 17.01.
The stock had more than quadrupled in 2020. And from 2021 to Wednesday, it had risen 71%. “We think the action is highly regarded here,” Coster said.
In the same note, Coster launched the cover of hydrogen fuel cell maker Plug Power (PLUG) – Get the report with a sustaining rating and a target price of $ 60.
This also indicates a downside: Plug Power recently traded at $ 65.69, down 5.5%.
JP Morgan also considers Plug overvalued since the stock jumped more than a factor of 10 in 2020 and doubled this year.
Last week, South Korean conglomerate SK Group announced it would invest $ 1.5 billion in Plug Power, with SK receiving 51.4 million PLUG shares at $ 29.29 each.
Tuesday, Plug Power and the French manufacturer Renault (RNLSY) unveiled a joint venture for hydrogen vans in Europe.
The joint venture in 2021 will begin marketing fuel cell light commercial vehicles in Europe with pilot fleet deployments.
These recent partnerships, said Coster, “give us confidence in the 2024 targets of $ 1.2 billion in revenue. [and] $ 250 million of adjusted EBITDA. ”
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