Highlights:

  • ITM Power shares have risen approximately 93% over the past 12 months.
  • Jefferies sets a GBX 115 target, while Berenberg targets GBX 110.
  • FY26 revenue guidance increased to GBP 40m–GBP 43m, up from GBP 35m–GBP 40m.

ITM Power plc (LSE:ITM) has climbed approximately 93% over the past year, with analysts now indicating further upside following upgraded revenue guidance for FY26.

Shares were trading at GBX 65.50, up 1.87% on the day. The rally comes as the Sheffield-based hydrogen technology company raised its full-year revenue outlook and secured buy ratings from leading brokers.

Brokers Set Higher Targets After Guidance Upgrade

Jefferies has issued a buy rating with a target price of GBX 115, while Berenberg has also assigned a buy rating with a target of GBX 110. Both targets imply potential upside from the current share price level.

The revised broker outlook might follows ITM Power’s announcement that FY26 revenue is now expected to be between GBP 40 million and GBP 43 million. This represents an 11% increase at the midpoint compared with the previous guidance range of GBP 35 million to GBP 40 million.

Revenue Upgrade Driven by Project Progress

The company attributed the higher revenue guidance to continued progress across its project portfolio. ITM Power has adopted the percentage-of-completion (PoC) accounting method, allowing revenue to be recognised progressively over the life of contracts.

The updated outlook also includes contributions from recently announced contracts. While revenue expectations have been revised upward, adjusted EBITDA and cash guidance remain unchanged.

Founded in 2000 and listed on AIM in 2004, ITM Power designs and manufactures proton exchange membrane (PEM) electrolysers. The technology enables the production of green hydrogen using renewable electricity and water. The company is headquartered in Sheffield, England.

ITM Power’s today’s share price increase has been accompanied by upgraded FY26 revenue guidance and fresh buy ratings from Jefferies and Berenberg. With targets of GBX 115 and GBX 110 respectively, brokers indicate expectations of additional upside. Investors will monitor contract execution and revenue recognition under the PoC model as the financial year progresses.

Frequently Asked Questions

Q1: How much has ITM Power’s share price increased over the past year?
A: The shares have risen approximately 93% over the last 12 months.

Q2: What are the broker target prices for ITM Power?
A: Jefferies has set a target of GBX 115, while Berenberg has issued a target of GBX 110.

Q3: What is ITM Power’s updated FY26 revenue guidance?
A: The company now expects FY26 revenue to be between GBP 40 million and GBP 43 million, compared with previous guidance of GBP 35 million to GBP 40 million.