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Hoku's Commercialization Strategy Seen On Target

Publication Date:23-November-2005
02:30 PM US Eastern Timezone
Source:Forbes

Piper Jaffray maintained an "outperform" rating and $12 target price on Hoku Scientific (nasdaq: HOKU) saying it has a higher degree of confidence in the fuel-cell company's commercialization strategy, and forecasts better revenue visibility for calendar 2006.

"Hoku will continue to record substantial revenue growth driven by accelerated technology development in preparation for commercial markets," Piper analyst Jesse W. Pichel wrote in a recent report.

Piper cited Hoku's recent contract win from the U.S. Navy as a positive for the stock. The research firm said Hoku's Navy project with IdaTech is on track, and that IdaTech is potentially a leader in stationary fuel cells for telecommunications backup.

The research firm expects market-share gains for Hoku's proprietary HC-based membranes, versus incumbent fluorinated technology from 3M (nyse: MMM) and DuPont (nyse: DD).

In addition, Hoku is on track in optimizing its membrane for automotive applications, according to Piper, with a Nissan (nasdaq: NSANY - news - people ) Motors contract renewal likely in 2006.

For fiscal 2006 and 2007, Piper estimates earnings per share for Hoku of 12 cents and 25 cents, respectively.


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