Canaccord Reiterates Buy On Hydrogenics Corporation, Keeps $32 PT


In a research report released today, Canaccord analyst Sara Elford reiterated coverage with a “Buy” rating on Hydrogenics Corporation (HYGS), and a price target of $32.00 representing a potential upside of 70% from where the stock is currently trading.

The following bullets contain highlights from Elford’s justification for her recommendation:

  • The company is in a leading position in several verticals having multi-billion dollar long-term potential, most of which are showing early signs of momentum.
  • Proven leadership with the right skillset to execute well.
  • High free cash flow potential through a capex light business model and high operating leverage.
  • Potential catalysts on the horizon, including the transition to profitability.

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