BlueStone Capital Partners Announces Investment Opinion on H Power Corp.Business Editors NOTE TO EDITORS: The following is an investment opinion issued by BlueStone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. Capital Partners NEW YORK--(BUSINESS WIRE)--Nov. 8, 2000 BlueStone Capital Initiates Coverage on H Power Corp. (HPOW) with 1-1. Analyst Walter Wal·ter , Bruno 1876-1962. German conductor noted for his interpretations of Mozart and Mahler. Noun 1. Walter - German conductor (1876-1962) Bruno Walter V. Nasdeo of BlueStone Capital initiates coverage on H Power (HPOW; NASDAQ-$8.19) with a 1-1 (Outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. - Outperform) investment rating. The intermediate target price is $25 and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. target price is $35, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the analyst. Analyst's Summary -- We are initiating coverage of H Power, a leading fuel cell development company, with a 1-1 (Outperform-Outperform) rating. Our intermediate term price target is $25 and our long-term price target is $35. -- Several trends are driving fuel cell industry growth: a rapidly growing digital economy coupled by a dwindling fuel supply, archaic transmission infrastructure, deregulation, premium on power efficiency and environmental performance -- H Power is targeting the prime rural market with its Residential Cogeneration Unit PEM fuel cell system, a market where there are an estimated 2 billion people worldwide without access to a power grid demanding electricity. The rural/residential market should be early adopters of H Power's applications. -- A valuable $81 million distribution contract with Energy Co-Opportunity (ECO) provides H Power with direct exposure to the rural market, specifically up to 250 of 900 rural electric cooperatives in the U.S. and up to 37 million households, as well as a stable revenue stream throughout its R&D stages. -- As a result of its August 2000 IPO, H Power raised in excess of $104 million, an amount we believe is sufficient to fund the company's near-term objective of expanding its manufacturing facilities. -- H Power is further down the road to commercialization of its PEM fuel cell than its main competitors, having successfully demonstrated products in the marketplace. -- Mass production capability and the ability to overcome near-term cost advantages will be the key driver for H Power and the industry as a whole particularly within these earlier stages. Over the long haul, demand for fuel cells will be predicated upon the manufacturer's ability to produce a system that is economically competitive with conventional methods of power generation. Thus, given the outsourcing potential it carries through ECO and having successfully demonstrated products in the marketplace, we believe H Power is a step ahead of its competition. BlueStone Capital Partners, L.P. is a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. investment banking and brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. firm that delivers financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to emerging growth and medium-size Adj. 1. medium-size - intermediate in size medium-sized, moderate-size, moderate-sized sized - having a specified size companies worldwide. BlueStone Capital assists clients in maximizing their growth by providing sophisticated investment strategies that are designed to achieve clients' strategic, operating and financial goals. |
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