November 1, 2004
SpeculatingStocks.com Stock Pick: Beacon Power Corporation (BCON)
Stock Price: $0.48 (long-term strong buy)
Beacon Power Corporation is a development stage company involved in alternative energy solutions. They are working on delivering sustainable energy storage and power conversion systems to provide highly reliable uninterruptible electric power.
President Bush launched a $1.2 billion hydrogen fuel initiative in January of 2003. Alternative energy stocks ran in August after the U.S. energy secretary provided an update on CNBC saying that the initiative is moving ahead successfully. If more good news comes out on this initiative expect BCON to be rewarded.
The company may not be generating major revenues yet, but we view it as a long term play. It's now a great time to accumulate BCON as it begins to bottom at the $0.50 level.
SpeculatingStocks.com Target Price: We expect BCON to hit $1.50 within the next 12 months.