As previously reported, Jefferies upgraded FuelCell (FCEL) to Buy from Hold with a price target of $24, up from $16, after the company announced a strategic agreement with Fit Energy for up to 380 megawatts of clean, baseload on-site power for data centers using FuelCell Energy's utility-scale fuel cell technology. The setup has materially shifted from "show me" to executing on visible backlog, while a "deep valuation discount" to Bloom Energy (BE) creates an "asymmetric entry point," the analyst tells investors.
