In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Hydrogenics Corp (NASDAQ: HYGS), with a price target of $10. The company’s shares opened today at $7.20.
Dayal noted:
“Our medium to long-term projections for the company are based on robust revenues from the mobility opportunity in China, and from longer-term opportunities from Enbridge (ENB; not rated) and Alstom. We believe that the Hejili strategic investment should prove to be particularly beneficial in China. We are projecting the company’s topline to increase from $51.9M in 2018, to $135M in 2023, growing at a five-year CAGR of 21.0%.”
According to TipRanks.com, Dayal has currently no stars on a ranking scale of 0-5 stars, with an average return of -4.6% and a 41.0% success rate. Dayal covers the Consumer Goods sector, focusing on stocks such as Superconductor Technologies Inc, Pointer Telocation Ltd, and Pacific Ethanol.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Hydrogenics Corp with a $9.50 average price target.
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Based on Hydrogenics Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.8 million. In comparison, last year the company had a GAAP net loss of $5.74 million.
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Hydrogenics Corp. designs, develops and manufactures hydrogen generation and fuel cell products based on water electrolysis technology and proton exchange membrane technology. It operates through OnSite Generation and Power Systems segment.
