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Fly News Breaks for January 23, 2020
Jan 23, 2020 | 09:21 EDT
As previously reported, Craig-Hallum analyst Eric Stine downgraded FuelCell to Sell from Hold with a price target of $1.50, up from 50c. The analyst notes that while the company does not lack substantial opportunities, it remains a business in transition. Along with Q4 results that were below expectations and included a quarter over quarter decline in backlog, FuelCell introduced its "Powerhouse" 3-year strategy to strengthen and build a sustainable business, he notes. Stine believes many of the steps targeted are strategically sound but will take time and must be successfully executed upon. As such, he thinks that there is a level to get constructive on FuelCell shares and its products, projects, partners and technology, but at current levels, shares are very over-extended.
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