Berenberg Bank Reaffirms “Buy” Rating for ITM Power (LON:ITM)

ITM Power (LON:ITM)‘s stock had its “buy” rating reissued by stock analysts at Berenberg Bank in a research report issued on Monday, Digital Look reports. They presently have a GBX 200 price target on the stock. Berenberg Bank’s target price would suggest a potential upside of 110.64% from the company’s previous close.

Several other research firms have also recently issued reports on ITM. Peel Hunt reiterated a “hold” rating and issued a GBX 92 price target on shares of ITM Power in a report on Thursday, October 8th. JPMorgan Chase & Co. boosted their price objective on ITM Power from GBX 60 to GBX 80 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of GBX 4,086.40.

ITM Power Trading Up 0.4%

Shares of ITM stock traded up GBX 0.40 on Monday, reaching GBX 94.95. 2,613,557 shares of the stock were exchanged, compared to its average volume of 5,913,129. The stock has a market cap of £655.33 million, a PE ratio of -18.99 and a beta of 2.85. ITM Power has a one year low of GBX 57.90 and a one year high of GBX 219.80. The company has a debt-to-equity ratio of 6.99, a current ratio of 2.62 and a quick ratio of 7.56. The stock has a 50 day moving average price of GBX 103.30 and a 200 day moving average price of GBX 117.47.

More ITM Power News

Here are the key news stories impacting ITM Power this week:

• Positive Sentiment: ITM Power’s Hydropulse subsidiary signed heads of terms with a refinery operator for a proposed 150MW green-hydrogen plant. The project could represent the company’s largest commercial commitment to date and would support demand for ITM’s electrolyser technology. ITM’s Hydropulse lands preliminary deal for 150MW refinery hydrogen plant
• Positive Sentiment: The announcement prompted reports of an initial share-price rally and reinforces ITM’s commercial pipeline in industrial decarbonisation, particularly hydrogen production for refinery operations. ITM Power shares jump on 150 MW green hydrogen project
• Positive Sentiment: Berenberg reaffirmed its Buy rating and set a GBX 200 price target, implying substantial upside based on the broker’s assessment of ITM’s growth prospects. ITM Power keeps Buy rating at Berenberg Bank
• Neutral Sentiment: The refinery project is governed by non-binding heads of terms. Final investment approval, contract value, timing and financing have not been disclosed, so investors should not yet treat the 150MW opportunity as secured revenue. ITM Power signs heads of terms for 150MW green hydrogen project
• Neutral Sentiment: ITM’s latest commentary reportedly tightened its expected loss range, which may indicate better cost control but also confirms that the company remains loss-making while it converts its pipeline into orders.

About ITM Power

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.