UPDATE: KeyBanc Starts Plug Power (PLUG) at Overweight

KeyBanc analyst Leo Mariani initiates coverage on Plug Power (NASDAQ: PLUG) with a Overweight rating and a price target of $40.00.

The analyst comments "We are initiating coverage on Plug Power (PLUG) with an Overweight rating and a $40 price target due to the Company’s leading industry position as it has one of the largest scale businesses compared to its public peers, its high revenue growth of more than 50% per annum for the next few years, its strong corporate partnerships with the likes of Amazon, Home Depot, General Motors, and Walmart, and the sizable $3.5B cash position on its balance sheet. Our $40 price target is based on a 25x multiple of 2022 revenue."

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 $28.15 yesterday.

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