Neutral Rating For Fuel Tech, Inc (FTEK)

Sidoti & Company maintained a neutral rating for Fuel Tech, Inc (NASDAQ: FTEK) with a target price of $9.

Sidoti & Company cites Fuel Tech’s disappointing recessionary performance that cast a lasting shadow on the sales prospects. The company’s unit sales have lagged for long. Fuel Tech sold just four coal fired demonstrations in 2009 as against thirteen in 2008. The disappointing sales confirms the utilities' reluctance to try new products. The price target of $9 is based on a multiple of 25x EPS of $0.37 for 2011.