ITM Power "buy," target price raised

28.06.06 - Panmure Gordon & Co

LONDON, June 28 (newratings.com) - Analyst Mark Davis of Panmure Gordon & Co maintains his "buy" rating on ITM Power (IJ8). The target price has been raised from 300p to 340p.

In a research note published this morning, the analyst mentions that ITM Power?s electrolyser technology has a proven track record of durability and the company has raised funds to commercialize the technology. Although commercialization of the technology would increase ITM Power's near-term costs, it would boost the company?s revenues in the long term, the analyst says.