Analyst Amit Dayal from H.C. Wainwright maintained a Buy rating on Fuel Tech and keeping the price target at $4.00.
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Amit Dayal has given his Buy rating due to a combination of factors including Fuel Tech’s strong financial position and growth potential. Despite a slight decline in overall revenues for the third quarter of 2025, the company demonstrated improved gross margins and maintained a net profit, signaling operational efficiency. Fuel Tech’s balance sheet is robust, with $33.8 million in cash and no debt, which positions it well for future growth opportunities.
Amit Dayal also highlights the company’s strategic initiatives, such as the acquisition of intellectual property from Wahlco, Inc., which is expected to enhance its APC offerings without significant additional costs. The company’s focus on expanding into high-demand sectors like AI, data centers, and crypto industries is seen as a potential catalyst for future growth. Despite the recent stock pullback, Dayal views this as an overreaction and believes Fuel Tech is well-positioned for growth in 2026, making the stock an attractive investment at its current valuation.