UPDATE: Cowen Upgrades Plug Power (PLUG) to Outperform
Get Alerts PLUG Hot Sheet
Rating Summary:
10 Buy, 17 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
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(Updated - May 15, 2014 7:37 AM EDT)
Cowen upgraded Plug Power (Nasdaq: PLUG) from Market Perform to Outperform with a price target of $6 (from $7.50). Analyst Robert Stone thinks the company is positioned for strong growth and recurring revenue.
"YTD bookings of $80MM (2x vs. 2013) point to a steep ramp from Q2 and profitability in Q4. Our factory visit yesterday (5/14/14) confirmed a high level of activity. A strong cash position should support expansion into hydrogen generation, Asia, and new product segments. Higher expenses and new shares reduce our PT to $6.00 (vs. $7.50)," said Stone.
Stone thinks PLUG should trade at a premium for several reasons:
- a large, underpenetrated TAM of electric lift trucks;
- leading (90%+) share in fuel cells for material handling
- growing backlog of 5-6 year service and fuel contracts; and
- a 5-6 year replacement cycle for GenDrive with existing customers like Central Grocers. EV/ Sales is currently <2.5x our 2016E (cash/share is $1.04).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 $3.82 yesterday.
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