Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Bull Trader USA

Plug Power Stock Surges. Morgan Stanley Boosts Price Target by 51%.

Text size

Alex Kraus/Bloomberg

Shares of hydrogen fuel-cell technology

Plug Power

were rising sharply Friday after Morgan Stanley analyst Stephen Byrd boosted his price target on the stock by 51%.

The stock was up nearly 9% to $43.90 on Friday.

Byrd raised his price target on Plug Power (ticker:


) to $65 from $43, citing an increase in revenue estimates after management issued optimistic forward-looking statements in its third-quarter earnings call. The analyst maintained an Overweight rating on the stock.

Plug Power, which makes hydrogen fuel cell powered fork lifts, plans to make hydrogen-powered heavy-duty trucks while manufacturing and distributing the hydrogen gas required for its transportation products.

The company wants to have a bigger business in hydrogen gas than it has in equipment. In a note, Byrd raised his cumulative revenue estimates for the company’s electrolyser and hydrogen production segments by 131% and 86%, respectively, between 2022 and 2030.

Electrolysers are the equipment used to split water into hydrogen and oxygen gasses with electricity.

Byrd also noted that Plug Power was seeing continuing cost reductions and consumer demand as the company captured a wider market share.

“We see a ‘virtuous cycle’ forming in which Plug Power’s cost reductions drive greater sales, which in turn result in greater scale and lower per-unit costs,” he wrote.

He said he continues to believe that Plug Power “is one of the best positioned companies in the hydrogen economy.”

Earlier this week, Citigroup analyst P.J. Jukevar increased his Plug Power target to $56 from $35, suggesting that aggressive investors buy Plug Power and sell competitor

Ballad Power Systems (


Analysts surveyed by FactSet, on average, rate the stock at Overweight with a price target of $48.96.

Write to Sabrina Escobar at

Post a Comment