FuelCell Energy (FCEL) Outlook Raised by TD Cowen Amid 12% Revenue Growth

FuelCell Energy, Inc. (NASDAQ:FCEL) ranks among the best hydrogen and fuel cell stocks to buy for 2026. On December 19, TD Cowen boosted its price target for FuelCell Energy, Inc. (NASDAQ:FCEL) to $9 from $7, while keeping a Hold rating on the stock following the fourth-quarter fiscal results. The company’s revenue increased by 12% year-over-year, indicating a favorable trend. On the other hand, FuelCell Energy’s backlog fell 4% quarter-over-quarter, from $1.24 billion to $1.19 billion, and its gross loss increased sequentially.

FuelCell Energy, Inc. (NASDAQ:FCEL) reported higher EBITDA margins in Q4 as cost-cutting efforts began to take impact and product revenues were achieved. The company also reached around $55 million in revenue in the fourth quarter of 2025, which was driven by the supply of 10 modules to GGE under a long-term service agreement.

This comes as FuelCell Energy, Inc. (NASDAQ:FCEL) targets data center opportunities and is currently in active negotiations with a number of potential clients, though the timeline for converting this interest into confirmed orders is unknown.

FuelCell Energy, Inc. (NASDAQ:FCEL) is a clean energy company. It develops, manufactures, and deploys stationary fuel cell and electrolysis platforms for the production of hydrogen. The company’s LTSA approach improves reliability for high-demand industries like data centers by guaranteeing round-the-clock monitoring, technical assistance, and preventative maintenance.

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Disclosure: None. This article is originally published at Insider Monkey.