'Richly valued' FuelCell downgraded to Underweight at JPMorgan

JPMorgan analyst Paul Coster downgraded FuelCell Energy to Underweight from Neutral with an unchanged price target of $10. The stock closed Wednesday up 9c to $19.14. FuelCell's solid oxide fuel cell solutions could take even longer to commercialize, but the company also has a "strong backlog" and strengthened balance sheet with which to execute on the current portfolio of SureSource solutions, Coster tells investors in a research note. The analyst, however, thinks the stock is "richly valued here." He cites valuation for the downgrade to Underweight.