ITM Power "buy"

20.11.07 - Seymour Pierce

LONDON, November 20 (newratings.com) - Analyst Mark Davis of Seymour Pierce 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 signed a design agreement with Boeing Research & Technology Europe. This agreement with Boeing is likely to help improve ITM Power?s profile, the analyst says. Although the agreement does not guarantee a contract, it does signify early stage revenues for the company, Seymour Pierce adds.