FuelCell Energy (FCEL 16.82%) stock soared 22% through 12:15 p.m. ET on Friday after analysts at investment bank H.C. Wainwright raised their price target on... another stock entirely.

Wainwright more than doubled its price target on FuelCell rival Plug Power (PLUG 35.34%) this morning, from $3 to $7 a share. They said not a word about FuelCell, but because both stocks are in the hydrogen fuel cell sector, investors appear to be assuming that what's good news for Plug Power must be good news for FuelCell, too.

Arrow up with dice.

Image source: Getty Images.

What H.C. Wainwright said about Plug stock

"Significant" increases in the price of electricity support heightened demand for electricity produced by fuel cells -- that's the core of Wainwright's argument today. Although, as The Fly points out in its note on the price target hike, Wainwright actually seems more optimistic about the prospects for nuclear power stocks benefiting from the increased electricity demand.

This fact alone has me immediately questioning whether Plug's stock price rise today -- and FuelCell's too -- has a good basis in reality.

A second factor working in Plug's favor is the fact that 31% of Plug shares are sold short, making Plug stock a candidate for a short squeeze that could drive its stock price higher. Indeed, that might be what we're seeing here today!

Is FuelCell stock a buy?

In this regard, it's worth pointing out that short-sellers seem less interested in FuelCell (where short interest is only 7%) than in Plug. This key difference between the two fuel cell stocks gives reason to doubt whether Plug's share price surge really should be pulling FuelCell stock higher.

Consider, too, that FuelCell is unprofitable, and no one on Wall Street expects that to change before 2030 at the earliest. I'm afraid FuelCell stock remains a sell for me.