AFC Energy PLC's (AIM:AFC, OTC:AFGYF) recent interim results received the thumbs up from Panmure Liberum, which raised its price target by 10% to 55p, representing a 300% premium to the current share price.
The broker said the figures showed a contribution from equipment supplier Speedy Hire through the recently established Speedy Hire Solutions JV, which is aiming to displace diesel generators with AFC's hydrogen-powered alternatives.
Panmure added that AFC plans to deploy the recent £15.8 million funding to accelerate production.
"Momentum continues to grow across AFC’s key target markets, which extend far beyond the UK and construction, and despite short-term cuts to revenue forecasts, our DCF-derived target price increases," Panmure Liberum said in a note to clients.
In early trading, the stock was up 3.6% at 14.3p.