Roth Capital Cuts Hydrogenics Price Target To Reflect A More Conservative 2015 Forecast

In a research report published Tuesday, Roth Capital analyst Matt Koranda reiterated a Buy rating on Hydrogenics (NASDAQ:HYGS) and reduced his price target to $22 (from $30), which still represents a potential upside of 33% from where the stock is currently trading. The report follows the company’s third-quarter resultsĀ 

Koranda wrote, “We believe HYGS is on track to achieve its 2014 goal of generating >$50mn in revenue. Additionally, we are encouraged by two opportunities that could drive revenue growth during the next 18 months: (1) a potential 5-15MW power-togas win and (2) the PEM fuel cell opportunity in Korea with Kolon. We reiterate our Buy rating but lower our PT to $22 from $30 to reflect a more conservative 2015 forecast.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Matt Koranda has a total average return of 3.7% and a 60.0% success rate. Koranda is ranked #1637 out of 3367 analysts.

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