Despite ongoing delays and limited financial investment decisions in the hydrogen sector, US bank Jefferies continues to view certain companies positively. Ceres Power Holdings PLC has seen an upgrade to 'Buy' with a 265p target price, driven by new licensing agreements with major OEMs like Shell, enhancing revenue visibility through 2027-2028. The company is also working on a 1-megawatt demonstrator in partnership with Shell and eyeing future scaling. Similarly, ITM Power PLC maintains its 'Buy' rating, backed by industry giants Linde and Shell, boasting healthy cash reserves and a strong order backlog. Its involvement in the UK's Hydrogen Allocation Rounds could lead to additional orders. On the other hand, Norway's Nel faces challenges, being downgraded to 'Underperform' due to slow order momentum, financial pressures, and a backlog covering only one year's worth of revenues. The US bank's analysis underscores the resilience and growth potential of Ceres Power and ITM within the hydrogen industry, despite the broader setbacks experienced.