JMP Securities is out with a major call on Fuel Tech (NASDAQ:FTEK) saying they hosted a site visit for clients to Fuel Tech's corporate headquarters in Batavia, Illinois. A number of near-term catalysts appear to be on the horizon, including the potential for contracts from China and India in the next two weeks. These awards would come after the company's announcement of $8.7M in new awards just this week for the US market, and management indicated that the pipeline in North America continues to be healthy. Furthermore, management communicated that it is bidding on a large number of projects in China and has high expectations for this region in 2008.
Fuel Tech management also highlighted Mexico as a considerable intermediate-term opportunity as the country works to clean up its coastal tourist and residential communities. JMP's $35 target price reflects a 35x earnings multiple on our 2009 EPS estimate, a premium to its peer group, based on expected sales and earnings growth opportunities.
Notablecalls: Wow. Today is the day when stuff with high short interest is likely to move. FTEK has a 42% short interest. And now JMP is out saying the co will likely announce contracts from Asia!
Actionable trading call for today! I suspect this will be a $22 stock today.