FuelCell Energy (FCEL) just got a vote of confidence roughly a week after its earnings report. Craig-Hallum reinstated coverage with a “Buy” rating and a $22 price target, well above the current $15.50. What’s interesting is that the same firm dropped coverage of the stock back in early 2024. Its complaint then was a messy product focus and minimal product backlog. So a new “Buy” rating from a firm that walked away in the past means something. The reason for the change is the data center boom. Analyst Eric Stine sees FuelCell’s molten carbonate technology as a strong match for powering AI data centers. It runs nonstop, powers a site directly, and gives reliable, steady electricity. Interest in on-site data center power is growing fast. Stine believes FuelCell now belongs in that conversation, with a clearer path to real product sales and, eventually, profits.
