ITM stock gains after securing FEED contract for EU green hydrogen production site By Investing.com
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 20 2024
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Source: Investing.com
ITM Power's New Contract: ITM Power has secured a Front-End Engineering Design (FEED) contract for a 50MW green hydrogen production site in the EU, utilizing ten NEPTUNE V units and expected to produce around 5kt/a of green hydrogen by late 2027.
Impact on Renewable Energy Goals: The project aims to support local industries with green hydrogen and aligns with the EU's renewable energy objectives, with a Final Investment Decision anticipated in 2025.
Analyst Views on ITM
Wall Street analysts forecast ITM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ITM is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 47.235
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Current: 47.235
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
