TD Cowen analyst Jeff Osborne lowered the firm’s price target on FuelCell (FCEL) to $7 from $12 and keeps a Hold rating on the shares. The company’s Q2 missed expectations, but management announced more restructuring actions to reduce spending by 30% on an annualized basis, the analyst tells investors in a research note. The firm is “encouraged” by FuelCell “going back to basics” but cut the price target citing less visibility.
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