ITM Power "buy"

29.06.07 - Panmure Gordon & Co

LONDON, June 29 (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 ITM Power has issued a positive update, with the company posting results ahead of the milestone targets for the summer season. ITM Power has achieved the target of reducing the fuel cell costs to the $550/kw level and also exceeded its target of achieving electrolyser hydrogen pressure of 50 bar, Panmure Gordon says. The company has also made progress in its vehicle programmes, namely the Bi-fuel car and Duel fuel vehicle projects. These developments improve the credibility of the company, the analyst adds.