FuelCell Energy (FCEL) PT Lowered to $1.25 at Jefferies

Jefferies analyst Lloyd Byrne lowered the price target on FuelCell Energy (NASDAQ: FCEL) to $1.25 (from $1.50) while maintaining a Hold rating.

The analyst comments "FCEL missed on sales and gross margins. The company also provided a lower trajectory vs cons for service sales in FY24 (1.6MW) after processing 30MW of modules over three years. One positive was the company's commitment to accelerate its repowering service efforts in Korea, which we think could contribute ~$19mn in rev from repowering the 58MW GGE facility in Korea. We expect market focus to be on backlog growth and generation margin consistency."

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