ITM Power "buy"

19.02.07 - Panmure Gordon & Co

NEW YORK, February 19 (newratings.com) - Analyst Mark Davis of Panmure Gordon maintains his "buy" rating on ITM Power Plc (IJ8). The target price is set to 340p.

In a research note published this morning, the analyst mentions that the company expects to start generating commercial prototype revenues from early-2008, driven by electrolyser sales. ITM Power aims to invest £1 million in building a new 10,000kw electrolyser facility in Sheffield, the analyst says. The company expects the full utilization of the facility to achieve breakeven in terms of cash flows before further expansion is needed, Panmure Gordon adds.