ITM Power "buy," target price raised

19.04.06 - Panmure Gordon & Co

LONDON, April 19 (newratings.com) - Analyst Mark Davis of Panmure Gordon & Co maintains his "buy" rating on ITM Power (IJ8). The 12-month target price has been raised from 250p to 300p.

In a research note published this morning, the analyst mentions that the electrolyser membrane has achieved 3500 hours of durability, which is above the longevity milestone guided to in January. ITM Power's electrolyser membrane technology is robust and efforts can now be made to commercialise this technology, the analyst says. Panmure Gordon & Co expects renewable energy, automotive, military and emergency power to be the initial target markets for the technology.