FuelCell Energy Inc (NASDAQ: FCEL) is headed up in the market yet again today, following up on the relatively dramatic gains the stock experienced yesterday. I covered various aspects of the run, including the company’s relationship with ExxonMobil (NYSE: XOM), the benefits it’s likely to experience under a Biden presidency, and its leadership role in the fuel cell/carbon capture space here.
Nonetheless, when talking about FCEL, there’s more to the story and it all points to strong potential for the future. Here’s what’s going on:
Analysts See FCEL As A Moderate Buy
According to TipRanks, two analysts cover FuelCell Energy stock, one with a Buy rating and one with a Hold rating. There are no analysts currently rating the stock a sell.
It is worth mentioning that the average 12 month price target sits at $3. While this price target implies declines, neither analyst has provided updated coverage following the United States election of Joe Biden as the President. With Biden’s views toward clean energy, his presidential win sets the stage for further dramatic gains in FCEL that I believe will be projected in future price target updates.
Major Partnerships Set The Stage For Growth
In the previous article linked to above, I talked a bit about a partnership that FuelCell Energy has with ExxonMobil. However, that’s not the only big name the company is in bed with. There are several big entities outside of Exxon the company is working with, including:
- Toyota. FCEL partnered with Toyota on a fuel cell project in California. Here’s the announcement.
- United States Military. The company has also been part and is actively part of multiple fuel cell projects with the United States military, including this one designed to provide energy to the Navy.
- Pfizer. Pfizer (NYSE: PFE) has gained quite a bit of attention as of late due to positive data from its COVID-19 vaccine. The company is also in bed with FCEL, who developed a 5.6 MW power plant to provide energy to PFE facilities.
- Department of Defense. Since 2009, FuelCell Energy has received several awards from the Department of Defense for the continued development of its compelling fuel cell and carbon capture technologies.
- State Power Utilities. Finally, FCEL is working with mutliple state-level electric utilities companies to provide backups, capture carbon from nuclear power plants, and more.
Ultimately, with the trust of several massive assets, including the United States government, FuelCell Energy is a cornerstone in the fuel cell and carbon capture technology space.
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The Bottom Line
The bottom line here is simple, with Biden coming into office, the clean energy movement is likely to take several giant leaps forward, offering up a major opportunity to FCEL. With partnerships with several major entities, FCEL has the relationships it needs to fully take advantage of this compelling opportunity.
While analysts haven’t seemed to have caught up to the opportunity in terms of price targets, ratings are buys. Moreover, investors are catching on quickly as can be seen in the recent and dramatic gains in the value of FCEL stock. As such, if you’re not watching FCEL, you’re missing an opportunity.
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