UPDATE: Wells Fargo Starts Plug Power (PLUG) at Equal Weight

April 19, 2021 4:08 PM EDT
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Price: $24.58 +11.93%

Rating Summary:
    11 Buy, 5 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 4 | New: 24
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(Updated - April 19, 2021 4:27 PM EDT)

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."

For an analyst ratings summary and ratings history on Plug Power click here. For more ratings news on Plug Power click here.

Shares of Plug Power closed at $27.24 yesterday.

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