Clear Street analyst Tim Moore raised the price target on Plug Power (NASDAQ: PLUG) to $3.50 (from $3.00) while maintaining a Buy rating.

The analyst commented, "Plug Power (PLUG) is scheduled to report its March quarter results on the afternoon of May 11th. We fine-tune our quarterly estimates by trimming our 1H revenue forecasts and increasing our 2H revenue forecasts. For the March quarter, we forecast 8% sales growth to $144 million. For the 2026 full year, we now forecast 15% sales growth to $817 million, which is 2% lower than our prior forecast. However, we now forecast less of an adjusted EBITDA loss for this year and next year, due to slightly better gross margin forecast. Our 2026 & 2027 adjusted EBITDA loss forecasts have been narrowed to reflect the cost savings program benefit on PLUG’s gross margin profile for this year and next year. We raise our price target to $3.50 from $3.00 to reflect the continued order wins momentum over the past six months and adequate liquidity to fund near-term cash burn until free cash flow is likely achieved in 2028. Our $3.50 price target is based on 5x EV/Sales our 2027 sales estimate of $1.0 billion, which is a 25% premium to the stock’s 3-year average historical valuation. We apply a valuation premium to account for PLUG’s implemented cost savings program, lower annual cash burn rate, improving gross margin and pipeline of win opportunities in Australia and for European refineries electrolyzers."