RBC Capital Markets upgrades ITM Power to 'outperform'

RBC Capital Markets upgraded ITM Power on Wednesday to ‘outperform’ from ‘sector perform’ and hiked the price target to 500p form 300p.

The bank said that while there remain uncertainties around the timing of large purchase orders and ramp-up costs potentially affecting near-term profitability, it sees the growth positioning of ITM significantly de-risked amidst the current market dynamics.

"Our detailed analysis of electrolyser stacks also suggest ITM is more protected from major raw material disruptions relative to peers," it said.

At 1050 BST, the shares were up 1.2% at 351.60p.