Shares of FuelCell Energy Inc. FCEL, +0.47% sank 7.1% in premarket trading Thursday, after J.P. Morgan analyst Paul Coster turned bearish on the alternative energy company, suggesting the stock should be worth about half of its latest closing price. Coster cut his rating to underweight from neutral and established a $10 stock price target, which is 47.8% below Wednesday’s close of $19.14. Coster likes the company, as he says it has a “strong backlog and a strengthened balance sheet.” He says FuelCell’s optionality likes in the versatility of its molten-carbonate technology in industrial applications, and he is anticipating a “breakout contract” in the industrial, chemical or energy sector. The problem is, Coster said he thinks the stock is

Read More At Article Source | Article Attribution