UPDATE: Wells Fargo Starts Plug Power (PLUG) at Equal Weight
- Wall Street ends volatile week sharply higher
- Disney (DIS) Dips As Streaming Business Shows Signs of Slowing Down, Analysts 'Very Bullish' on LT Opportunity
- Airbnb (ABNB) Bookings Up 52% to Help Sales Beat, Seen as a 'Blow Out Quarter' as More Upside is Left
- DoorDash (DASH) Reports Bigger Loss and a Sales Beat, Shares Soars on Strong Guidance and Two Upgrades to 'Buy'
- Coinbase (COIN) To Add Dogecoin Trading in the Next Few Weeks
Wells Fargo analyst Michael Blum initiates coverage on Plug Power (NASDAQ: PLUG) with a Equal Weight rating. PT $30.00.
The analyst comments "We’re initiating coverage of PLUG with an Equal Weight rating and price target of $30/share based on a blend of a three-stage DCF model, a target EV/EBITDA multiple (2025E) of 40x, and a target EV/sales multiple (2022E) of 25x. PLUG has an established market presence and visible growth trajectory in the fuel cell material handling (forklift) business with potential for accelerated growth if the company’s hydrogen initiatives achieve commercially success. However, with the stock trading at 33x 2025E EBITDA, we believe much of the potential growth from hydrogen commercialization is already reflected in the current stock price."
Shares of Plug Power closed at $27.24 yesterday.
You May Also Be Interested In
- ACV Auctions Inc (ACVA) PT Lowered to $41 as Jefferies Sees One Issue with the Quarter
- Canadian Tire Corp Ltd. (CTC/A:CN) (CDNAF) PT Raised to Cdn$242 at Scotiabank
- K-Bro Linen Inc. (KBL:CN) (KBRLF) PT Raised to Cdn$55 at TD Securities
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesWells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!