Plug Power (PLUG) PT Raised to 'Street High' $14 at H.C. Wainwright

H.C. Wainwright analyst Amit Dayal raised the price target on Plug Power (NASDAQ: PLUG) to a 'Street High' $14.00 (from $6.00) while maintaining a Buy rating.

The analyst commented, "On June 23, 2020, Plug Power announced acquiring United Hydrogen Group (UHG), a hydrogen producer and distributer, and Giner ELX, a PEM electrolysis specialist, for $65M and $58M, respectively. The consideration paid was in the form of cash, shares, assumption of debt, and performance-based earnouts. This announcement is in line with management's guidance of completing these deals in 2Q20. As we have previously highlighted, these acquisitions further strengthen the company's position in the fuel cell and hydrogen industry value chain, now poised to serve industrial, transportation, and energy applications. Following this announcement, we are increasing our price target on PLUG to $14.00 from $6.00 previously, driven by: (1) higher 2024 revenue, EBITDA, and operating income guidance of $1.2B, $250M, and $210M, compared to $1.0B, $200M, and $170M, previously; and (2) upward adjustments to our prior relatively conservative 2024 net revenue and EBIT projections of $758.4M and $129.7M, respectively, to our new estimates of $1.1B and $195.5M, respectively, to better align with the new guidance. Please see the Valuation section of this note for more details."

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