Panmure Liberum has reiterated its 'buy' recommendation for shares in AFC Energy PLC (AIM:AFC, OTC:AFGYF), maintaining a target price of 55p following a recent trading update.
The broker adjusted its cash flow assumptions, noting some product shipments occurred near the fiscal year-end, but left revenue forecasts unchanged.
Key achievements highlighted by Panmure include AFC's first order from TAMGO, a milestone that demonstrates its ability to commercialise its technology in international markets.
Additionally, strong sales into the Speedy Hire Services (SHS) joint venture underscored the company's ongoing momentum.
Panmure Liberum emphasised AFC’s progress across target markets beyond the UK construction sector, suggesting that the company’s share price, which has declined around 60% since June, fails to reflect this growth potential.
In afternoon trading, the stock was off 1.4% at 9.2p.