Liberum repeated its 'buy' advice and 85p price target on shares in AFC Energy PLC after the company received a CE Mark Attestation of Conformity for its 30kW H-Power S Series generator from TÜV SÜD, marking a key milestone.
This globally recognised certification ensures the generator meets necessary directives and standards for commercial sale in Europe, the UK, and other CE Mark accepting markets.
"AFC Energy's first CE Mark Attestation of Conformity is an important milestone in the company’s commercialisation roadmap providing customers and partners such as Speedy Hire and Acciona with the assurance of a fuel cell generator product that is compliant with requisite laws and standards," said Linberum.
The stock rose 1.9% in morning trade to 16.08p, leaving significant upside if it is to hit the investment bank's valuation.
"Our growth forecasts are driven by our view that AFC’s hydrogen generators and ammonia cracker technology will make commercial headway in the niche segments of its three main markets – construction, EV charging and maritime," Liberum added.