Plug Power Upgraded to Buy by Clear Street with $3 Price Target
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Fool
- Rating Upgrade: Clear Street upgraded Plug Power from Hold to Buy, despite lowering the price target from $3.50 to $3, reflecting concerns about the company's path to profitability and capital needs, yet still implying over 50% upside potential.
- Volume Analysis: Plug Power's trading volume reached 80.1 million shares on Wednesday, approximately 64% of its three-month average, indicating market attention on its stock volatility amidst overall market weakness.
- Financing Concerns: The recent convertible refinancing raises risks of future shareholder dilution, compounded by the existing debt load, leading investors to question the company's financial health, which could impact stock performance.
- Future Outlook: Investors are eyeing an upcoming conference on January 6 and a late-January shareholder vote that could authorize additional shares and a potential reverse stock split, decisions that may exert pressure on the stock in the near term.
Analyst Views on PLUG
Wall Street analysts forecast PLUG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PLUG is 2.95 USD with a low forecast of 0.75 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
16 Analyst Rating
5 Buy
8 Hold
3 Sell
Hold
Current: 1.940
Low
0.75
Averages
2.95
High
7.00
Current: 1.940
Low
0.75
Averages
2.95
High
7.00
About PLUG
Plug Power Inc. is engaged in offering end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals. The Company develops commercially viable hydrogen and fuel cell product solutions. It provides electrolyzers that allow customers, such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations, to generate hydrogen on-site. It focuses on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites and environmental benefits; stationary power systems that supports critical operations, such as data centers, microgrids and generation facilities, in either a backup power or continuous power role and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers; and production of hydrogen.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
