UPDATE: BTIG Starts Plug Power (PLUG) at Buy
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(Updated - May 27, 2021 4:16 PM EDT)
BTIG analyst Gregory Lewis initiates coverage on Plug Power (NASDAQ: PLUG) with a Buy rating and a price target of $40.00.
The analyst commented, "Hydrogen as an energy source (really a means of storing energy) is still largely in its infancy despite being used in limited applications for decades. And while PLUG and others have greatly advanced the case of hydrogen as an energy source for a lower carbon world (PLUG stock is up over 500% over the last year), there is still a lot of work to be done (largely on the cost and infrastructure side) by PLUG and its partners across the value chain to make green hydrogen a widely accepted energy source for industrial and transportation applications (PLUG stock is down over 50% from its January peak). Bottom line: while we are still in the early innings of an energy transition away from fossil fuels (wind and solar are leading the charge), we expect momentum for green hydrogen to build this decade and next helped by an improving cost curve and government support. We initiate with a Buy, as we view PLUG as a well-capitalized, first-mover with strategic customers and partners across the green hydrogen supply chain."
Shares of Plug Power closed at $29.69 yesterday.
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