Key Highlights

● Oppenheimer initiated FuelCell Energy at Outperform with a $24 price target, and the stock jumped sharply before the opening bell.

● Analyst Colin Rusch called it a differentiated provider of firm, on-site power for Data Center build-outs.

● A closing figure was not available, so the size of the move by session end on September 29 is unclear.

● Bloom Energy also rallied hard on a price-target raise, and Plug Power rose on a 280-megawatt electrolyzer deal.

FuelCell Energy, Inc. (NASDAQ:FCEL) rocketed in early trading on Tuesday, September 29, 2026, after Oppenheimer initiated coverage with an Outperform rating and a $24 price target. The stock showed a sharp premarket jump. A closing figure was not available, so the size of the move by the end of the session is unclear.

The Oppenheimer Call

Oppenheimer analyst Colin Rusch framed the company around one of the market's hottest themes, calling FuelCell a differentiated provider of firm, on-site power for data center build-outs. Firm power is the key phrase. Data centers running AI workloads need electricity around the clock, and many are struggling to secure grid connections quickly enough. Generating power on site, behind the meter, lets operators sidestep long interconnection queues. An initiation at Outperform signals the analyst expects the stock to beat the broader market.

What FuelCell Energy Does

FuelCell Energy, based in Connecticut, makes stationary fuel cell power plants. Its systems convert natural gas, biogas or hydrogen into electricity through an electrochemical process rather than combustion, producing power along with usable heat. It also works on carbon capture and hydrogen production. The stock has long been volatile, trading on sentiment about clean energy and hydrogen, and the data center angle gives it a fresh narrative.

Fuel Cells Had a Good Day

Bloom Energy rallied hard after Jefferies analyst Julien Dumoulin-Smith raised his price target and Oracle reaffirmed its commitment to deliver 2.4 GW of fuel cell capacity under Project Jupiter. Plug Power also rose after announcing a 280-megawatt electrolyzer deal.

AI Remains the Theme

A reported leaked Anthropic IPO prospectus showed a valuation target above $2 trillion and $518 billion in planned compute and infrastructure obligations, a reminder of how much power the AI build-out will need. Semiconductor stocks rallied. The Russell 2000 finished lower, with closing figures from different sources clustered between roughly 2,807 and 2,810.

What Investors Want to See

Investors will look for evidence that the data center opportunity turns into orders and contracts. Micron reports on Wednesday, September 30, a key read on AI demand, alongside GDP and August PCE. New York Fed President John Williams said there is no need for urgency after the central bank's September meeting, and odds of an October rate hike fell to roughly a coin flip.