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FuelCell Energy (NASDAQ: FCEL) stock soared 22% through 12:15 p.m. ET on Friday after analysts at investment bank H.C. Wainwright raised their price target on... another stock entirely.
Wainwright more than doubled its price target on FuelCell rival Plug Power (NASDAQ: PLUG) this morning, from $3 to $7 a share. They said not a word about FuelCell, but because both stocks are in the hydrogen fuel cell sector , investors appear to be assuming that what's good news for Plug Power must be good news for FuelCell, too.