Plug Power (PLUG) Gets a Buy Rating from H.C. Wainwright

By Austin Angelo

H.C. Wainwright analyst Amit Dayal maintained a Buy rating on Plug Power (PLUGResearch Report) today and set a price target of $4. The company’s shares closed last Monday at $2.72, close to its 52-week high of $2.87.

Dayal commented:

“Emerging as an ‘And’ Solution Partnership with ENGIE (ENGIY; not rated) announced. the beginning of a two- day symposium at Plug’s facilities in the company announced in a press release that it had signed an agreement with ENGIE to expand hydrogen use in several logistics sectors. The partnership intends to identify mutually beneficial markets and customers by packaging Plug’s fuel cell technology and ENGIE’s hydrogen infrastructure, renewable energy, and service programs, to offer fully integrated solutions. According to the press release, the partnership will target distribution centers, manufacturing facilities, and logistic equipment and vehicles for ports and airports, in more than fifty countries worldwide.”

According to TipRanks.com, Dayal is a 3-star analyst with an average return of 2.4% and a 43.5% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Advanced Emissions Solutions, Inc., Ballard Power Systems, and Capstone Turbine Corp.

Plug Power has an analyst consensus of Strong Buy, with a price target consensus of $3.50, which is a 27.7% upside from current levels. In a report released yesterday, Cowen & Co. also reiterated a Buy rating on the stock with a $3 price target.

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The company has a one-year high of $2.87 and a one-year low of $0.99. Currently, Plug Power has an average volume of 3.1M.

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Plug Power, Inc. provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets.