BMO Capital Initiates Plug Power With Market Perform Rating, Sees 17.5% Upside

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  • BMO Capital analyst Ameet Thakkar initiated Plug Power Inc PLUG with a Market Perform rating and a price target of $30, implying an upside of 17.5%.
  • Thakkar mentions Plug is "strategically expanding its success in material handling to pave the way" for the hydrogen economy.
  • The analyst says the company offers exposure to the energy transition outside of wind/solar. However, Thakkar takes a "wait and see approach" to hydrogen and says that green hydrogen prices "must come down meaningfully."
  • Also read: Plug Power's stock climbs as Tesla, FuelCell Energy push the EV Sector.
  • Price Action: PLUG shares are trading higher by 0.67% at $25.71 during the premarket session on Friday.
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