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A vaporizer of liquid hydrogen gas in Japan. Hydrogen-linked stocks have soared this year. Yoshikazu Tsuno/AFP via Getty Images
J.P. Morgan analyst Paul Coster is taking some of his hydrogen investing chips off the table after an epic run for hydrogen-linked stocks.
Thursday, he downgraded stock in power equipment maker
FuelCell Energy (ticker: FCEL) to the equivalent of Sell from Hold, and established a $10 price target, almost 50% below where shares closed Wednesday.
The stock has climbed too far too fast for Costner. FuelCell stock rose almost 350% in 2020 and shares were up another 71% year to date, as of Wednesday’s close.
Beyond Meat’s Beyond Burger patties. Dreamstime/AFP via Getty Images
Beyond Meat is rising more than 14% in midday trading Thursday, following news that it’s partnering with Taco Bell, as the latter looks to expand vegetarian offerings.
Yum! Brands ’ (ticker: YUM) Taco Bell said that it is “exploring a new plant-based protein” with Beyond Meat (BYND) that will be tested “in the next year.” The move is part of its larger menu revamp, emphasizing nonmeat options. Taco Bell said that two popular vegetarian items, the Cheesy Fiesta Potatoes and the Spicy Potato Soft Taco, which fell victim to streamlining last year, will once again be available in March.
Chip Somodevilla/Getty Images
General Motors stock is performing like an electric vehicle stock, with shares rallying after a Thursday upgrade. Argus Research analyst William Selesky thinks the company’s push into EVs will work.
He upgraded General Motors (ticker: GM) stock to Buy from Hold and set a target price at $56 a share. Selesky didn’t have a target price on GM stock before the upgrade.
Business is going much better for GM these days, he wrote, as its balance sheet is strong and profit margins in its U.S. business are improving. What’s more, Selesky thinks investors are undervaluing the company’s Chinese joint venture, as well as its finance unit and Ultium battery business. He now sees GM earning about $5.89 a share in 2021, up from his prior forecast of $5.39.
A Tesla Model Y at a showroom in Beijing. Wang Zhao/AFP via Getty Images
Tesla might be forced to recall 158,000 cars. That’s bad news. But just how bad is debatable.
On Wednesday, the National Highway Traffic Safety Administration, or NHTSA, sent a letter to Tesla (ticker: TSLA) requesting the electric-vehicle maker recall cars made between 2012 and 2018 for, essentially, problems with the center touch screen. It could result in the loss of the rearview camera image, to cite one example.
Tesla didn’t immediately return a request for comment about its recall plans. The NHTSA didn’t immediately return a request for comment about what drove the agency to send the letter.