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In a note released Thursday, Cowen analyst Robert Stone upgraded
Plug PowerPLUG from Market Perform to Outperform and lowered the price target from $7.50 to $6.00.
Stone provided the following list of reasons why he believes Plug shares should trade at a premium:
- Large under-penetrated total addressable market of electric lift trucks
- +90 percent share in fuel cells for material handling
- Growing backlog of 5-6 year service and fuel contracts
- A 5-6 year replacement cycle for GenDrive with existing customers. Despite the belief that sales should increase, and Plug's "strong cash position should support expansion into hydrogen generation, Asia, and new product segments," Stone has reduced the price target due to higher expenses and new shares from the recent offering. Possibly reacting to this upgrade, shares of Plug traded up 4.71 percent in the pre-market session.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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