American Well Climbs – What Wall Street Is Saying

American Well AMWL shares jumped on Monday after coverage of the stock was initiated by a number of analysts four weeks following the Boston telehealth company’s debut on the New York Stock Exchange. 

Amwell shares were trading at $34.29, up 5%, at last check. Here’s what Wall Street is saying:

Morgan Stanley analyst Ricky Goldwasser initiated coverage of the stock with an equal weight rating and $35 price target, saying the company’s telehealth platform is poised to gain share within a “large and expanding” market.

UBS’s Kevin Caliendo initiated coverage of Amwell with a neutral rating and $29 price target. 

Caliendo says the neutral rating reflects the stock’s 81% climb since its IPO in mid-September. But the company has the potential to accelerate its growth above the estimated 27% revenue growth excluding acquisitions that Caliendo anticipates. 

Goldman Sachs initiated coverage of Amwell with a neutral rating and $31 price target. 

Analyst Robert Jones says American Well “is a leading telehealth vendor with a diversified customer base and a clear runway for recurring 20%-plus revenue growth, gross-margin expansion and representing one of the most top-of-mind themes in health care,” according to Bloomberg. 

Cowen’s Charles Rhyee initiated coverage of Amwell with an outperform rating and $41 price target, which is a 30-times multiple to his 2022 sales estimate of $333 million. 

“Telehealth is currently one of the biggest themes in health care, and … AMWL should benefit from its focus on providers, who we see being a key driver in the next leg of growth in telehealth,” Rhyee said, according to Bloomberg. 

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FuelCell Energy Climbs on Report of DoE Contract

FuelCell Energy  (FCEL) – Get Report was climbing Friday after the clean-power producer and storage company said it had been awarded an $8 million contract by the U.S. Department of Energy.

Shares of the Danbury, Conn., company at last check were up 6.7% to $2.54. 

FuelCell Energy said the contract supports design and manufacture of a SureSource electrolysis platform that can produce hydrogen.

The project will be the first multistack electrolysis system produced with its solid oxide technology.

The system will be equipped with an option to receive thermal energy, thus increasing the electrolysis electrical efficiency to more than 90%.

After the system is designed and built at the FuelCell Energy’s Danbury facility, it will be delivered to Idaho National Laboratories for testing.

“This highly efficient electrolysis platform is expected to provide much needed flexibility to base-load nuclear power generation,” the company said in a statement. 

“Additionally, beyond validating the efficiency performance levels, this demonstration project will accelerate the control schemes and integration design.”

The project, the statement continued, “represents a key step in FuelCell Energy’s path to commercialize its high efficiency solid oxide electrolysis technology.”

Electrolysis technology can support the hydrogen economy by providing carbon-free, clean hydrogen for transportation, power generation, agriculture and other industrial applications, the company said.

The awarding of contracts has been an issue for the company recently.

Earlier in the week, FuelCell Energy said it “emphatically denies” allegations made by a short seller that it had lost two contract awards.

Meanwhile, J.P. Morgan analyst Paul Coster began coverage of the company’s stock Thursday with an overweight rating and $3 price target, saying FuelCell Energy is set to “pivot into profitability.” They shares jumped 10% on Thursday.