Fuelcell Energy

FCEL · NASDAQ

$12.40−$0.49 (−3.80%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $12.89

FCEL analyst rating

HoldConsensus of 11 analysts over the last 12 months. 45% rate it a buy.

Strong buy0
Buy5
Hold5
Underperform1
Sell0

12-month price target · 13 analysts

Average $22.24 (+79.3% upside)

Low: $8.08
Now: $12.40
High: $33.60

Upgrades and downgrades

The latest rating actions, newest first

FCEL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Oppenheimer	Sep 29, 2026	Initiates	Outperform	$24.00	37%
Barclays	Sep 24, 2026	Initiates	Equal-Weight	$20.00	46%
Citigroup	Sep 15, 2026	Initiates	Neutral	$19.00	35%
Jefferies	Sep 8, 2026	Maintains	Buy	$24.00 → $20.00	44%
Canaccord Genuity	Sep 3, 2026	Maintains	Buy	$30.00	34%
UBS	Jul 14, 2026	Upgrade	Neutral → Buy	$22.00 → $27.00	60%
B. Riley Securities	Jun 29, 2026	Upgrade	Neutral → Buy	$13.00 → $32.00	18%
UBS	Jun 26, 2026	Maintains	Neutral	$7.25 → $22.00	60%
Jefferies	Jun 26, 2026	Upgrade	Hold → Buy	$16.00 → $24.00	44%
Wells Fargo	Jun 16, 2026	Maintains	Underweight	$6.00 → $8.00	44%

The case for and against

Updated Feb 9, 2026

Bull case

FuelCell Energy Inc. concluded the quarter with approximately $341.8 million in cash and short-term investments, representing a robust 44.3% increase from the previous quarter. The company's revenues reflected significant growth, with service revenue surging 135.5% sequentially and product revenue rising 15.4%, driven by key contracts, including a partnership with ExxonMobil and a project with Esso Nederland. Additionally, management indicated a positive outlook for future projects, anticipating access to stable fuel and favorable price spreads, which are expected to improve project economics and foster further growth in strategic markets.

Bear case

FuelCell Energy Inc. reported a gross loss of approximately $6.6 million in F4Q25, which is a sequential decline of about 29.4% from the previous quarter's loss of $5.1 million, indicating persistent profitability challenges despite a year-over-year improvement. Advanced technology contract revenues experienced a significant drop of 38.4%, falling to $5.2 million in F3Q25 from $8.6 million in F2Q24, reflecting a concerning trend in contract performance. Additionally, the company's cash reserves slightly decreased to $236.9 million, further signifying potential liquidity pressures amid ongoing losses and a need for cost-reduction measures.

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