B. Riley lowered the firm’s price target on FuelCell (FCEL) to $9 from $12 and keeps a Neutral rating on the shares. FuelCell reported a Q1 revenue and EBITDA miss vs. expectations, with backlog up quarter over quarter, primarily due to the 7.4 MW power plant FuelCell will build in Hartford, Connecticut, the analyst tells investors in a research note. The firm reduced its fiscal 2025 estimates on Product revenue timing, which it expects to ramp later in the calendar year.
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