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FuelCell Energy stock sinks after J.P. Morgan analyst turns bearish, saying it’s ‘richly valued’ – MarketWatch

Shares of FuelCell Energy Inc. undefined sank 7.1% in premarket trading Thursday, after J.P. Morgan analyst Paul Coster turned bearish on the alternative…

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Shares of FuelCell Energy Inc.
FCEL,
-11.65%
sank 7.1% in premarket trading Thursday, after J.P. Morgan analyst Paul Coster turned bearish on the alternative energy company, suggesting the stock should be worth about half of its latest closing price. Coster cut his rating to underweight from neutral and established a $10 stock price target, which is 47.8% below Wednesday’s close of $19.14. Coster likes the company, as he says it has a “strong backlog and a strengthened balance sheet.” He says…

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