UBS raised the firm’s price target on FuelCell (FCEL) to $7.25 from $4.50 and keeps a Neutral rating on the shares. FuelCell’s Q3 results highlighted a 4% increase in backlog from Korean contracts and a focus on leveraging large-scale deployments to engage prospective data center customers, the analyst tells investors in a research note. While more deals should pick up in 2026 and onwards, tough macroeconomic conditions still have hydrogen projects in limbo across the country and have spread a negative sector outlook, UBS says.
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