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

Group 1 - FuelCell Energy, Inc. (NASDAQ:FCEL) is recognized as one of the top hydrogen and fuel cell stocks to consider for investment in 2026, with TD Cowen raising its price target from $7 to $9 while maintaining a Hold rating after the fourth-quarter fiscal results [1] - The company reported a 12% year-over-year increase in revenue, reaching approximately $55 million in the fourth quarter of 2025, driven by the supply of 10 modules to GGE under a long-term service agreement [2][4] - Despite the positive revenue growth, FuelCell Energy's backlog decreased by 4% quarter-over-quarter, from $1.24 billion to $1.19 billion, and the gross loss increased sequentially [1] Group 2 - The company is actively targeting data center opportunities and is in negotiations with several potential clients, although the timeline for converting this interest into confirmed orders remains uncertain [3] - FuelCell Energy focuses on developing, manufacturing, and deploying stationary fuel cell and electrolysis platforms for hydrogen production, enhancing reliability for high-demand industries through its long-term service agreement (LTSA) approach [4]