Charged Up About FuelCell Energy Stock, J.P. Morgan Analyst Sees Nearly 40% Upside
Shares of FuelCell Energy (NASDAQ: FCEL) have skyrocketed 668% over the past year thanks to growing interest in the burgeoning hydrogen economy, and J.P. Morgan expects the stock to maintain its upward trajectory over the coming months. Initiating coverage on FuelCell Energy with an overweight rating, Paul Coster, an analyst at J.P. Morgan, today assigned a 2021 fair value estimate of $3 -- about 40% from the stock's closing price of $2.16 on Wednesday.
According to Thefly.com, Coster, writing to investors in a research note, based his bullish stance on FuelCell Energy's recently shored-up balance sheet as well as the belief that the company is on the verge of achieving profitability as it generates consistent revenue from the projects in its backlog.
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Source Fool.com