ITM Power "buy"

31.07.07 - Panmure Gordon & Co

LONDON, July 31 (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 has reported its preliminary results ahead of expectations, with a lower-than-expected cash burn. ITM Power expects to demonstrate the bi-fuel Ford Focus the yearend and the dual fuel Range Rover has exhibited high fuel economy, the analyst says. The completion of the new electrolyser production facility by the yearend would enable the company to produce commercial prototypes and realizing modest revenues towards the end of the current financial year, Panmure Gordon adds.