The volatility surrounding fuel cell stocks like FuelCell Energy Inc (NASDAQ:FCEL) and Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) continued today, as shares of both companies surged in afternoon trading. Plug Power Inc (NASDAQ:PLUG) also benefited, climbing as much as 11% in afternoon trading today. Stifel analysts are highly positive on FuelCell right now, although they’ve cut their price target dramatically.
Stifel changes analysts for FuelCell
Writing on Barron’s, Ben Levisohn reports that Stifel analyst Sven Eenmaa is bullish on FuelCell Energy Inc (NASDAQ:FCEL). Eenma has a Buy rating and $2.90 per share price target on the company. He thinks it is making progress in its transition out of research and development. He said the company is transforming its fuel cell power plan solution into a technology that’s economical to deploy and has the “potential to become a part of the baseload generation mix.”
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Eenmaa also said it appears that FuelCell Energy Inc (NASDAQ:FCEL) has made some progress in cutting down its costs for manufacturing and technology. As a result, he said the solution provided by the company is “becoming increasingly attractive in several states following a decline in the cost of energy generated by the product.”
Stifel cuts its price target for FuelCell
Interestingly enough, Levisohn notes that in March, a different Stifel analyst was covering FuelCell Energy Inc (NASDAQ:FCEL). At that time, analyst Jeffrey Osborne increased his price target for the company up to $4.10 per share. As a result, Eenmaa’s new price target of $2.90 per share is a 29% decline from Stifel’s last price target for the company.
Investors excited about the fuel cell industry… again
Today’s optimistic report about FuelCell Energy Inc (NASDAQ:FCEL) highlights how intertwined the stocks of all the companies in the space are. FuelCell Energy defines itself as “an integrated fuel cell company that designs, manufactures, installs, operates and services stationary fuel cell power plants.”
Plug Power Inc (NASDAQ:PLUG) is an entirely different kind of company, as it makes fuel cell systems for forklifts. Its stock has been highly volatile as well recently, climbing and falling on the whims of Wall Street regarding the fuel cell industry. Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) is Plug Power’s main fuel cell supplier, so the future of those two companies are even more intertwined than the rest of the industry.
Fuel cell stocks also fell earlier this month when competitor ClearEdge filed for bankruptcy.