Analyst Brannon Cook rated FuelCell Energy Inc. "Overweight" for its low-cost, efficient molten carbonate technology. He said the Danbury, Conn., company should get new contracts in Connecticut and from South Korea, where it has a partnership.

"We expect these awards anda revenue wins will provide a positive catalyst for the stock, and we believe they place FuelCell on a clearer path to profitability versus its fuel cell peers," Cook wrote.

Shares rose 22 cents, or 2.5 percent, to $9.06 in premarket trading, up from Thursday's closing price of $8.84.

Cook said fuel cell technology has proven more expensive to develop than expected. While he believes cars powered by fuel cells are "over a decade away from pre-commercial adoption," he thinks demand from smaller markets, like forklifts and backup power, is growing.

The analyst said profits at Ballard Power Systems Inc. are growing slowly due to weak demand. He put a "Neutral" rating on the stock, which finished at $4.47 Thursday.

While Medis Technologies Ltd. is preparing to sell a liquid fuel cell that can power handheld devices for more than 20 hours at a time, Cook is concerned that demand will be softer than expected. He began coverage with a "Neutral" rating on Medis shares, which closed at $12.76.

He rated Plug Power Inc. shares "Underweight," saying its target markets will grow slowly. Shares ended at $3.78 Thursday.