ITM Power "buy"

12/11/07 - Panmure Gordon & Co

LONDON, December 11 (newratings.com) - Analyst Mark Davis of Panmure Gordon maintains his "buy" rating on ITM Power PLC (IJ8). The target price is set to 340p.

In a research note published this morning, the analyst mentions that the company has entered into an R&D agreement with the US Naval Undersea Warfare Center. The agreement involves the development of advanced power systems for unmanned undersea vehicles, focused on ITM Power’s dual liquid fuel cell technology, the analyst says. The deal reflects another significant recognition for the company’s technology, Panmure Gordon adds.