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Plug Power Stock Surges. Morgan Stanley Boosts Price Target by 51%.
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%. Byrd raised his price target on Plug Power (ticker: PLUG ) to $65 from $43, citing an increase in revenue estimates after management issued optimistic forward-looking statements in its third-quarter earnings call. 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.