FuelCell Energy shares rose after Jefferies analyst Dushyant Ailani raised the price target to $16.00. This is an increase from the previous $7.20 target. Ailani maintained a Hold rating on the stock.
The move follows recent price target increases from B. Riley and Canaccord earlier this week. FuelCell’s sales pipeline tripled quarter-over-quarter. The pipeline now totals 4 gigawatts.
Data center power projects represent approximately 89% of this new potential business. Ailani noted the growth is becoming hard to ignore.