- High-flying fuel cell names are sputtering after two research firms downgraded Plug Power (PLUG -5.4%) earlier today; FuelCell Energy (FCEL -6.7%) and Ballard Power (BLDP -0.6%) also are lower.
- Roth Capital thinks bookings still appear set to grow at a rate that exceeds historic levels, but much of that growth is already reflected in the stock; the firm also warns that some of PLUG's shipments could be delayed because most of its products are being shipped to customers that still have to add hydrogen infrastructure, which could take longer than expected.
- Cowen mentioned that the broader segment was getting a little rich: "Fuel cell and hydrogen-related companies are trading in a range of 2.9-8.2x EV/2015E sales... PLUG is at the high end, consistent with 2015E sales growth of 100% (vs. 19-39% for peers)."
- ZBB Energy (ZBB), which announced a 5.5M-share public offering at $2.25/share, is -22%.
at Zacks.com (Nov 13, 2014)