UPDATE: Citi Starts Plug Power (PLUG) at Buy
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Citi analyst P.J. Juvekar initiates coverage on Plug Power (NASDAQ: PLUG) with a Buy rating and a price target of $35.00.
The analyst comments "The nascent hydrogen economy is at the cusp of a breakout and PLUG leads the way with its unique vertical integration strategy from making electrolyzers to hydrogen production, delivery and building fuel cell (FC) modules for mobility and data centers. The company is focused on building a green hydrogen network in the US with 5 plants and looks to replicate globally helped by partnerships with SK and Groupe Renault. We are initiating with a Buy/High Risk rating and target price of $35."
Shares of Plug Power closed at $27.33 yesterday.
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