Wells Fargo lowered the firm’s price target on FuelCell (FCEL) to $6 from $7 and keeps an Underweight rating on the shares after a Q1 miss. FuelCell submitted over 1.5 GWs of proposals of which data centers represent more than 80%, the firm notes. Given that competitor Bloom Energy (BE) is not supply constrained, Wells struggles to see FuelCell gaining traction. Wells remains bearish given poor visibility into sustained profitability.
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