Shares of Hoku Scientific Inc., a Kapolei-based company developing fuel cells and other clean energy technology, surged 36 percent yesterday after a Wall Street analyst boosted his rating on the company.

The gain capped a one-week rally that saw Hoku's stock more than double in value, to $4.68 a share from $2.45 a week earlier in Nasdaq stock market trading.

Yesterday's increase followed a 43 percent jump on Tuesday and came after Piper Jaffray & Co. analyst Jesse Pichel raised his recommendation to "outperform" from "market perform." Pichel raised his price target on the stock to $5 from $3.50, according to Bloomberg L.P. data.

Hoku Scientific President and CEO Dustin Shindo was not immediately available to comment on the stock price.

Hoku's stock has rebounded from the $2.38 a share it closed at on Aug. 15. That was its lowest since its 3.5 million shares were offered to the public at $6 each in August 2004.

Since the company's stock bottomed last week, Hoku announced that it had successfully completed the installation of demonstration fuel cell power plants under a contract with the Navy.

The company also said it had awarded a contract for engineering and related services for a plant producing polysilicon, a key material used in the manufacture of modules used in photovoltaic systems.

Piper Jaffray's Pichel began coverage of Hoku last September with an outperform rating and at one time had a $12-price target. Hoku's initial public offering was underwritten by Piper Jaffray, SG Cowen & Co. and Thomas Weisel Partners LLC.

Reach Greg Wiles at gwiles@honoluluadvertiser.com.