B.Riley FBR Assigns a Buy Rating on Plug Power


B.Riley FBR analyst Carter Driscoll assigned a Buy rating to Plug Power (NASDAQ: PLUG) yesterday and set a price target of $3.50. The company’s shares opened today at $1.95.

Driscoll commented:

“We will be keeping close tabs on the process. Analyst certification and important disclosures can be found on pages 3 – 6 of this report. This document represents an abbreviated discussion of the subject issuer and should not be used as the sole basis for an investment decision. Contact your B. Riley FBR representative for complete research concerning the subject issuers, including research briefs and reports.Valuation We arrive at our $3.50 price target by applying an approximate 5.0x revenue multiple to our 2018 GAAP revenue estimate of $166 million. This is near the middle of the range versus other public fuel cell companies that trade at 3x–5x, and we justify the multiple due to the dominant position in North America, its substantial number of units deployed (versus competitors), and limited competition.”

According to TipRanks.com, Driscoll has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.1% and a 31.7% success rate. Driscoll covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, Pacific Ethanol, and Enphase Energy.

Plug Power has an analyst consensus of Strong Buy, with a price target consensus of $4.17.

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Based on Plug Power’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $19.84 million. In comparison, last year the company had a GAAP net loss of $24.04 million.

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Plug Power, Inc. provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets.

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