ITM Power "buy"

04.12.06 - Panmure Gordon & Co

NEW YORK, December 4 (newratings.com) - Analyst Mark Davis of Panmure Gordon & Co maintains his "buy" rating on ITM Power (IJ8). The target price is set to 340p.

In a research note published this morning, the analyst mentions that the initial results of the company's automotive development programme have been encouraging. ITM Power has signed a Memorandum of Understanding (MoU) with army base repair organization (ABRO) for developing technology for fuel efficiency and pollution control in diesel vehicles, the analyst says. The company is likely to run trials for over six months before commercializing the technology, Panmure Gordon & Co adds.