ITM Power "buy"

18.08.06 - Panmure Gordon & Co

LONDON, August 18 (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 ITM Power?s automotive programme is expected to enable the company to generate commercial revenues going forward. The analyst believes that ITM Power?s costs would be significantly lower than those incurred by other firms developing the prototype for the retrofit technology. Panmure Gordon & Co expects the company to display these prototypes to major OEMs by the end of the year.