Roth Capital Reiterates Buy On Hydrogenics Following Joint Venture With Kolon Water And Energy

In a research report released this morning, Roth Capital analyst Philip Shen reiterated coverage with a “Buy” rating on Hydrogenics Corporation (HYGS), and a price target of $30.00 following yesterday’s news that HYGS signed a definitive agreement to establish a JV with Kolon Water and Energy, a subsidiary of the Kolon Group, a major South Korean conglomerate focused on chemicals and textiles

“In our view, the JV with Kolon reinforces HYGS’s position as a leading provider of hydrogen fuel cells and lays the foundation for expansion into a key Asian market”, Shen wrote.

According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst Philip Shen currently has a one-year average return of 0.9% and a 33% success rate. Shen has -27.6% average profit recommending HYGS, and he is ranked #1993 out of 3126 analysts.

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