Plug Power (PLUG) Stock Soars 6% on Upgrade to Overweight at Morgan Stanley on Attractive Risk Reward
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The Plug Power (NASDAQ: PLUG) stock is trading over 6% higher in pre-open Wednesday after Morgan Stanley analyst Stephen Byrd upgraded shares to Overweight.
The analyst upgraded shares as he sees three upcoming catalysts that could drive stock outperformance going forward: Investor day, accelerating growth, and legislative support. Moreover, Byrd sees positive risk-reward from the current levels.
“With the announcement of several strategic partnerships, ~$4bn of cash and cash equivalents on its balance sheet, accelerating revenue growth and the potential for significant upside from legislative support, we believe PLUG is particularly well positioned at the outset of a significant transition point in energy with the adoption and expansion of the use of green hydrogen,” Byrd said in a client note.
“We believe green hydrogen will play a crucial role in decarbonization. As we laid out in our recent thematic decarbonization report, we believe a very large amount of green hydrogen is needed in order for the US to hit decarbonization targets. We believe PLUG is one of the best positioned stocks in our coverage to benefit from future demand for green hydrogen and related technologies given their vertical integration strategy, scale, and expertise. Additionally, we estimate that recent legislative support for green hydrogen could add $9-$10/share to our price target.”
The Plug Power stock is down 7.4% YTD after closing at $29.78. A new price target is $40.00 per share, up from the prior $35.00.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
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