FuelCell Energy shares jump 20.8% after Jefferies raises its price target to $24, citing a first U.S. data center power contract.
FuelCell Energy (FCEL) surged 20.8% after Jefferies upgraded the stock to Buy from Hold and raised its price target to $24 from $16. The move follows the company’s first contracted order tied to U.S. data center power, signaling potential growth in the sector.
Prior to the upgrade, Jefferies had maintained a Hold rating with a $16 target. The new outlook reflects optimism about FuelCell’s expanding role in clean energy solutions for high-demand industries like data centers.
Shares closed sharply higher, reflecting investor confidence in the revised outlook and the company’s strategic positioning in the energy transition.