Ardour Capital Upgrades Quantum Fuel Systems to Buy Re-iterates $9.00 Price Target
Ardour Capital Investments, LLC, a New York based Investment Bank and a leading research institution in the Energy Technology/Alternative Power sector, announced today that it has upgraded Quantum Fuel Systems Technologies Worldwide, Inc.(QTWW/NASDAQ, closed at $5.42 on December 10, 2004) to a “Buy” from an “Accumulate”.
New York, NY (PRWEB) December 11, 2004 -- Ardour Capital Investments, LLC, a
New York based Investment Bank and a leading research institution in the Energy
Technology/Alternative Power sector, announced today that it has upgraded
Quantum Fuel Systems Technologies Worldwide, Inc. (QTWW/NASDAQ, closed at $5.42
on December 10, 2004) to a “Buy” from an “Accumulate”. The rating change comes
on the heels of QTWW’s 2Q05 earnings report released yesterday after the market
close. Although the Company reported lower than expected revenues for the
quarter, the second half of FY05 should prove to be positive.
According
to Analyst Walter Nasdeo, “The positives for the second half of FY05 include,
QTWW expects to reach cash flow breakeven; the Company currently has $14 million
in backlog; and QTWW’s recent acquisition of Starcraft Corporation (STCR/NASDAQ)
should boost OEM contracts from major automobile manufacturers.” Nasdeo went on
to state, “we also expect this acquisition will help diversify the Company’s
operations, and increase production efficiencies.” Taking into consideration
QTWW’s position going forward, Nasdeo believes that Quantum’s stock has been
oversold, and is a clear buying opportunity at these price levels.
About
Ardour Capital Investments
Ardour provides a wide range of financial services
for both public and private growth companies. Ardour supplies investors
specializing in small capitalization growth companies an independent brand of
research not traditionally found within the securities industry. Ardour has made
a commitment to be a leading research institution in the Energy
Technology/Alternative Power sector.
Contact Information:
Walter
Nasdeo - 212-375-2958
Director of Research
Brian Greenstein -
212-375-2956
Managing Partner
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Source : http://www.prweb.com/releases/2004/12/prweb187926.htm