FuelCell Energy (NASDAQ: FCEL) stock rose during pre-market trading Thursday after it received a continued Hold rating from TD Cowen.
TD Cowen has reiterated its Hold rating on FCEL stock while maintaining a steady price target of $2.00. The firm stated that FuelCell Energy’s quarterly financial results met expectations and consensus estimates.
FuelCell Energy has reported significant advancements this quarter, including expanding its partnership with ExxonMobil (NYSE: XOM) and progressing on projects with GGE and Ameresco (NYSE: AMRC).
In addition, the company has revised its financial strategy for fiscal year 2024, cutting its planned expenditures by $30 million. This adjustment involves deferring certain capital expenditures and investments into fiscal year 2025, part of its efforts to optimize resource management.
The firm highlighted FuelCell Energy’s collaboration with ExxonMobil as a significant development, showcasing its ability to secure and expand major partnerships within the industry. TD Cowen also emphasized the company’s active engagement in the energy sector by mentioning ongoing projects with GGE and Ameresco.
TD Cowen’s reaffirmation of the $2.00 price target reflects a cautious but steady outlook on FCEL stock performance.
FuelCell Energy (NASDAQ: FCEL) Stock Movement
As of 09:08 a.m. (Eastern Time) Thursday, FCEL stock traded at $0.9597, marking a 2.10% increase compared to the previous trading session.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
