UPDATE: JPMorgan Starts Plug Power (PLUG) at Neutral Citing the Company "Best in Class"
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JPMorgan analyst Paul Coster initiates coverage on Plug Power (NASDAQ: PLUG) with a Neutral rating and initiating a price target of $60.00 seeing the company as best in class in Hydrogen pure-play stocks. The group has outperformed the S&P 500 massively however. EV/sales multiples are elevated and may make sense when viewed against the massive long-term growth prospects but the analyst is looking for pullbacks as opportunities to build long-term positions.
The analyst stated "Leveraging first-mover scale in PEM technology, the pace at which PLUG is mobilizing is breathtaking; the recent partnerships with SK Group and Renault substantiate the firm’s opportunities in Europe and APAC (and in new vertical applications, generally) and give us confidence in the 2024 targets of $1.2 billion sales, $250 million in adjusted EBITDA. We view PLUG as best in class in our coverage of the hydrogen/fuel cell space at present, but valuation is a challenge".
Shares of Plug Power closed at $69.50 yesterday.
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