We are initiating Neah Power Systems (NPWZ) at Outperform with a $1.75 price target over the next 12 months.
Neah, with an accumulated deficit of $51 million, is a development-stage (pre-revenue) company with silicon-based direct-methanol fuel cell intellectual property, design know-how and manufacturing capability that has been demonstrated in the course of multiple contract engagements. Initial bookings of sales employing the new technology through Neah’s solar air conditioning subsidiary are now pending delivery.
Unique competitive strengths include a porous, silicon-wafer design and the ability to operate in anaerobic environments. We rate it as a highly speculative, potential growth story.
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