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Plug Power Jumps on Bullish Comments by Morgan Stanley -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — Connect Power Inc (NASDAQ:)Following bullish comments by Stephen Byrd, Morgan Stanley analyst, on Thursday, shares of, the hydrogen fuel-cell company, rose 9%

After Plug reiterated its $65 price target and an overweight rating, Byrd wrote to clients that it had reaffirmed the $900 million to $925 million revenue guidance for 2022. Plug told investors Wednesday that its fiscal 2025 revenue projections are $3 billion.

Byrd informed investors that recent selling in Plug shares offers a great buying opportunity, and Wednesday’s 2022 update on Wednesday was “generally optimistic…with no fundamental reasons for concern.”

Byrd stated, “In the near term PLUG is focused upon vertically integrating Joule’s tech within its own hydrogen manufacturing business. This will reduce PLUG’s opex, capex, and future production facility costs.”

“It’s also important to mention that PLUG expressed an interest in acquiring liquefaction technology which could be used as an additional source of revenue in the long- and medium-term.”

Some analysts weren’t as positive as Byrd. Canaccord Capital and Wells Fargo lowered Thursday their price targets for the stock.

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