JPMorgan Upgrades Plug Power (PLUG) to Overweight; Poised for 'Very Strong Growth and Profitability'
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(Updated - March 1, 2021 6:45 AM EST)
JPMorgan analyst Paul Coster upgraded Plug Power (NASDAQ: PLUG) from Neutral to Overweight with a price target of $65.00.
The analyst comments "Plug Power, a leading supplier of hydrogen fuel cell technology products and solutions, is poised for very strong growth and profitability with expansion into new markets, new geographies and into the green hydrogen space. The firm has the capital with which to scale up PEM-based technology production very rapidly, and deploy a network of hydrogen production and fueling systems, building on a first-mover advantage. The overall market opportunity could easily exceed $200 billion, so this company may be launching into openended growth, but – for now – is focused on 50%+ CAGR gross booking growth to $1.7 billion and over $250 million of EBITDA by 2024; the SK Group and Renault partnerships make this attainable, in our view."
Shares of Plug Power closed at $51.86 yesterday.
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