Why Plug Power Shares Are Charging Up On Wednesday

Shares of hydrogen and fuel-cell energy company Plug Power Inc. 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.