Shares of electrical equipment manufacturer FuelCell Energy (FCEL) – Get the report fell Thursday after JPMorgan analyst Paul Coster downgraded shares to the equivalent of a sale.
Coster has a $ 10 price target at the Danbury, Connecticut company. Shares of FuelCell in the last control fell 11% to $ 17.01.
The stock had quadrupled in 2020. And by 2021 by Wednesday it had risen 71%. “We think stocks are highly valued here,” Coster said.
On the same note, Coster initiated coverage of the manufacturer of Plug Power even hydrogen fuel cells (PLUG) – Get the report with a retention rating and a target price of $ 60.
This also indicates a downside: Plug Power recently traded at $ 65.69, up 5.5%.
JP Morgan also sees Plug overvalued as shares rose 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 vehicle maker Renault (RNLSY) presented a joint venture of hydrogen vans in Europe.
The joint venture in 2021 will start marketing light commercial vehicles with fuel cells in Europe with pilot fleet deployments.
These recent partnerships, Coster said, “give us confidence in the $ 20 billion sales target of 2024 [and] $ 250 million in adjusted Ebitda “.