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Jefferies Thinks NEL ASA’s Stock is Going to Recover

In a report released today, Will Kirkness from Jefferies maintained a Buy rating on NEL ASA (NLLSFResearch Report), with a price target of NOK23.00. The company’s shares closed last Friday at $1.20, close to its 52-week low of $1.00.

According to TipRanks.com, Kirkness is ranked #1704 out of 7915 analysts.

Currently, the analyst consensus on NEL ASA is a Moderate Buy with an average price target of $1.78, a 33.8% upside from current levels. In a report issued on July 14, HSBC also upgraded the stock to Buy with a NOK17.00 price target.

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Based on NEL ASA’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $197 million and net profit of $83.74 million. In comparison, last year the company earned revenue of $145 million and had a GAAP net loss of $578 million.

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NEL ASA is a hydrogen company delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. It serves industries, energy and gas companies with hydrogen technology. The company’s hydrogen solutions cover the entire value chain from hydrogen production technologies to the manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles. Its products include hydrogen electrolyser and among others. Geographically activities are functioned through the region of Norway.

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