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Why Plug Power Shares Are Charging Up On Wednesday

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Why Plug Power Shares Are Charging Up On Wednesday

Shares of hydrogen and fuel-cell energy company Plug Power Inc. (NASDAQ: PLUG) were advancing in premarket trading on Wednesday.

What Happened: The upside trigger has been bullish initiation by UBS analyst Manav Gupta. The analyst initiated coverage of Plug Power shares with a Buy rating and $26 price target.

The price target suggests there exists an 84% upside from current levels.

See Also: How to Buy Plug Power (PLUG) Stock

Hydrogen will likely be a $10 trillion market opportunity by 2030 and Plug Power remains poised to emerge as a one-stop shop and a leader in the space, the analyst said. He projects the company’s sales to hit $5 billion by 2026.

Price Action: In premarket trading on Wednesday, Plug Power shares were rising 2.76%, to $14.60, according to Benzinga Pro data.

 

Latest Ratings for PLUG

DateFirmActionFromTo
Mar 2022Canaccord GenuityMaintainsHold
Mar 2022JP MorganMaintainsOverweight
Mar 2022RBC CapitalMaintainsOutperform

View More Analyst Ratings for PLUG

View the Latest Analyst Ratings

 

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Posted-In: Manav Gupta UBS why it's movingAnalyst Color News Initiation Analyst Ratings Trading Ideas

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StockFirmActionPT
SEDGB of A SecuritiesMaintains411.0
PTLOPiper SandlerMaintains28.0
AOUTLake StreetMaintains26.0
RAPTPiper SandlerMaintains52.0
OCXLake StreetMaintains6.0
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