Canaccord Slashes Price Target For Hydrogenics Corporation (USA) To Reflect More Conservative Stance

Canaccord Genuity analyst Sara Elford weighed in with a research report on Hydrogenics Corporation (USA) (NASDAQ:HYGS), reiterating a Buy rating on the stock and reducing the price target to $22 (from $25), which represents a potential upside of 44% from where the stock is currently trading. Hydrogenics shares are currently trading at $15.25, up 3.18 cents.

Elford noted, “Hydrogenics reported Q4/14 financial results that met our expectations on revenue (US$15.7 million, +43%), but missed on adj. EBITDA (US$0.2 million vs. our US$0.8 million); the latter due to a lower-than-forecast gross margin. Adjusted EPS was US $0.03 vs. our US$0.05 and last year’s US$(0.11).”

Furthermore, “In terms of estimates, and in the absence of any specific guidance, we are taking a more conservative stance in 2015. We now expect revenue of US$55 million (was US $63 million) and adjusted EBITDA of US$0.7 million (was US$3.6 million).”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Sara Elford has a total average return of -0.4% and a 66.7% success rate. Elford has a -26.6% average return when recommending HYGS, and is ranked #2620 out of 3505 analysts.

HYGS Chart

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