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Plug Power Jumps After Morgan Stanley Sees Potential for 48% Gain -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — The Plug Power Inc (NASDAQ:) shares rose more than 10% Friday following bullish comments from Morgan Stanley analyst Stephen Byrd.

Plug Power was among other EV stock participants in Friday’s rally. 

Plug shares were raised to $65 by Byrd from $43. He maintained an overweight rating, having “significantly” increased revenue estimates. The stock’s price target indicates that it has the potential to gain 48%.  

After reading comments from management on the growth of these areas, the analyst is now more positive about electrolyzers/hydrogen production. 

Byrd stated that Plug Power was “one of most well-positioned companies within the hydrogen economy.” 

While the analyst said he is more cautious on Plug’s stationary power business, he told investors that “given recent acquisitions and commentary around the potential for large-scale electrolyzer deployments, we have increased confidence that the company can hit its preliminary targets within these markets.”

Byrd isn’t the only analyst who sees upside in the stock — on Wednesday, Citi analyst P.J. Juvekar raised Plug’s price target from $35 to $56.

 

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