H.C. Wainwright analyst Amit Dayal maintained a Buy rating on Fuel Tech (FTEK) today and set a price target of $1.75. The company’s shares closed last Monday at $0.94, close to its 52-week low of $0.92.
Dayal wrote:
“We are lowering our price target on FTEK to $1.75 from $2.00 previously, driven primarily by weaker-than-expected performance in the company’s Air Pollution Control (APC) business that has impacted overall performance so far in 2019 and is expected to weigh on revenue growth prospects over the next 12 -18 months. Management attributed the softness in APC revenues to delays and cancelations in securing contracts as well as loss of bids to competitors in a few cases. In line with this, the company’s backlog at the end of 2Q19 dropped to $8.0M compared to $12.2M at the end of 1Q19. Though management is anticipating new contract bookings to materialize in 2H19, we believe those will be largely recognized in 2020.”
According to TipRanks.com, Dayal is a 4-star analyst with an average return of 3.5% and a 43.5% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Advanced Emissions Solutions, Inc., Ballard Power Systems, and Orion Energy Systems.
Currently, the analyst consensus on Fuel Tech is a Moderate Buy with an average price target of $1.75.
See today’s analyst top recommended stocks >>
The company has a one-year high of $3.06 and a one-year low of $0.92. Currently, Fuel Tech has an average volume of 134.7K.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is neutral on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Fuel Tech, Inc. engages in the development, commercialization, and application of proprietary technologies for air pollution control, process optimization, combustion efficiency, and advanced engineering services. It operates through the following segments: Air Pollution Control and Fuel Chem.
