Jefferies Rates FuelCell Energy (FCEL) buy, $24 Price Target

Jefferies boosted FuelCell Energy's rating to buy, setting a new target price of $24, a 19.46% downside from the current price.

By EarningsIQ Research Desk · Published Jun 26, 2026, 10:01 AM EDT · Updated Jun 30, 2026, 11:03 AM EDT

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Jefferies rated FuelCell Energy, Inc. ($FCEL) "buy" with a $24 price target on June 26, 2026.

Since the rating, $FCEL is up 23.9% after 1 week, down 10.5% after 1 month and down 45.8% to date (from the $24 close on Jun 26, 2026).

FCEL FuelCell Energy, Inc.

$13 +59.12% year to date

Daily close · Oct 16, 2026

Key Points

Jefferies analyst Laurence Alexander upgraded FuelCell Energy, Inc. (NasdaqGM:FCEL) to a buy rating with a $24 price target on June 26, 2026.
Jefferies's $24 price target implies 19.46% downside from FuelCell Energy, Inc.'s ($FCEL) current $29.80 share price.
Shares of FuelCell Energy traded near $19.65 on Friday, with a market cap of about $1.33 billion and a 52-week range of $3.78 to $27.69.
Other analysts have mixed views, with a consensus hold rating and a mean price target of $15.04 among six analysts.

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Jefferies analyst Laurence Alexander raised FuelCell Energy, Inc. (NasdaqGM:FCEL) to a buy rating, setting a new price target of $24 on June 26, 2026. This change reflects a more optimistic outlook for the company's stock.

Analyst rating track record

Jefferies vs. the S&P 500

YTD return +40.25% hypothetical

All-time return +115.18% S&P 500 +25.78%

vs. S&P 500 +89.40% ahead of the index

Hypothetical returns from Jefferies's disclosed trades, not real profit or advice. How we model this.

FuelCell Energy, Inc. Stock Up 110.5%

Shares of FuelCell Energy traded near $19.65 on Friday. The company has a market cap of approximately $1.33 billion, with a 52-week range between $3.78 and $27.69. FuelCell Energy's forward P/E ratio is not meaningful as the company isn't profitable, and it sports a beta of 2.435, indicating higher volatility compared to the broader market. The stock's 50-day moving average is around $17.14, while the 200-day moving average stands at $10.16.

12-month forecast

$FCEL price target

FuelCell Energy, Inc. daily closes and this analyst's $24 target. Not advice.

Other Institutional Activity in FuelCell Energy

Among other institutional investors, Vanguard Capital Management LLC opened a new position in FuelCell Energy with 2,181,764 shares valued at about $14.25 million. Susquehanna International Group, LLP increased its stake by 485,873 shares, ending up with 1,720,168 shares worth approximately $11.23 million, a 39.4% increase. Two Sigma Investments, LP also boosted its holdings by 276,272 shares to a total of 1,281,216 shares, valued at around $8.37 million, marking a 27.5% rise. Conversely, Legal & General Group PLC trimmed its position by 27,437 shares, now holding 2,865,746 shares valued at about $18.71 million, a 0.9% decrease.

Analysts Set New Price Targets

On June 26, 2026, Jefferies upgraded FuelCell Energy to a buy rating with a $24 price target. Earlier in the month, on June 16, 2026, Wells Fargo maintained its sell rating with an $8 target. Canaccord Genuity also recently upgraded the stock to a buy with a $30 target on June 9, 2026. Overall, the consensus among analysts is a hold recommendation, with a mean target price of $15.04 based on six analyst opinions.

About FuelCell Energy

FuelCell Energy, Inc., based in Danbury, Connecticut, designs and produces high-temperature fuel cells for clean electric power generation. The company focuses on carbonate fuel cell technology and solid oxide electrolysis technology for distributed hydrogen. It serves a variety of sectors including utilities, data centers, and industrial clients, and operates in the U.S., South Korea, Europe, and Canada. FuelCell Energy was founded in 1969 and is led by CEO Jason B. Few.

Bottom Line

Jefferies' upgrade to a buy with a $24 target reflects growing confidence in FuelCell Energy's prospects. The stock's recent trading price near $19.65 suggests room for growth if these targets are met. Investors often track such analyst upgrades as they can influence market sentiment, but it's important to remember that these ratings are based on past performance and expectations.