FuelCell Energy shares rose as much as 8% Tuesday, reaching $17.40, after Oppenheimer analyst Colin Rusch initiated coverage with an Outperform rating and a $24 price target. The objective implies 49% upside from Monday’s $16.14 close. FuelCell Energy shares have gained 121% year to date but remain 55% below their $36.01 closing peak reached June 30. Rusch described the company as a differentiated provider of modular, on-site power for data centers, where electricity demand is expected to outpace available supply. He forecasts annual manufacturing capacity reaching 500 megawatts by fiscal 2029, more than ten times anticipated fiscal 2026 levels, with the expansion improving project economics and creating operating leverage. FuelCell Energy has a $3.3 billion order backlog, a project pipeline exceeding 10 gigawatts and capacity agreements totaling more than 450 megawatts. The company held approximately $737 million in cash at the end of its third fiscal quarter, which management says should fund the manufacturing ramp until positive cash generation. FuelCell Energy had not issued an official statement on Oppenheimer’s coverage as of Tuesday morning.