CIBC World Starts Coverage of Energy Technology Group
CIBC World initiates coverage of the energy technology group, with ratings of buy on Active Power (ACPW ) and AstroPower (APWR ); a strong buy on FuelCell Energy (FCEL ); and a hold rating on American Superconductor (AMSC ).
Analyst Jonathan Mogil says this group will play an increasingly key role in defining the energy marketplace over the next few years. While fundamental drivers that allowed the sector to emerge only two years ago have encountered some setbacks of late, Mogil says he believes the severity of the nation's energy crisis has not diminished, but rather has been muted by the weak economy, favorable weather, and lower commodity prices. He sees the energy crisis reappearing as front page news and on Capitol Hill, and investor interest toward the sector returning.