Dougherty & Co Starts Plug Power (PLUG) at Buy

Dougherty & Co initiates coverage on Plug Power (NASDAQ: PLUG) with a Buy rating and a price target of $3.70. Analyst Pierre Maccagno pointed to growth an margin expansion.

"We believe PLUG has reached an inflection point for growth in the virtually unpenetrated materials handling market in addition to adjacent markets with its expanded product offerings, strategic partnerships and strong customer relationships. We expect PLUG to become breakeven by the end 2016 as it expands its margins by lowering its product and service costs. We believe the stock is undervalued at current levels," said Maccagno.

For an analyst ratings summary and ratings history on Plug Power click here. For more ratings news on Plug Power click here.

Shares of Plug Power closed at $2.72 yesterday.

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