Shares of electrical equipment manufacturer FuelCell Energy (FCEL) – Get the report fell on Thursday after JPMorgan analyst Paul Coster downgraded the stock to the equivalent of a sale.
Coster has a price target of $ 10 for Danbury, Conn. Shares of FuelCell at the last check fell 11% to $ 17.01.
The stock has more than quadrupled in 2020. And in 2021 by Wednesday it has grown by 71%. “We think the stock is richly valued here,” Coster said.
In the same note, Coster initiated the coverage of the hydrogen fuel cell manufacturer on the Plug Power market (SNUFF) – Get the report with a retention rating and a target price of $ 60.
This also indicates a disadvantage: Plug Power recently traded at $ 65.69, down 5.5%.
JP Morgan also considers Plug to be overvalued, as the stock has grown by more than a factor of 10 in 2020 and has doubled this year.
Last week, South Korean conglomerate SK Group said it would invest $ 1.5 billion in Plug Power, with SK receiving 51.4 million PLUG shares at $ 29.29 each.
On Tuesday, Plug Power and French carmaker Renault (RNLSY) unveiled a joint venture for hydrogen vans in Europe
In 2021, the Joint Undertaking will start marketing light commercial fuel cell vehicles in Europe with pilot fleet deployments.
These recent partnerships, Coster said, “give us confidence in the $ 1.2 billion 2024 sales target.” [and] $ 250 million in adjusted Ebitda. ”