In a report released today, Carter Driscoll from B.Riley FBR maintained a Buy rating on Plug Power (NASDAQ: PLUG), with a price target of $3.50. The company’s shares opened today at $1.95.
Driscoll observed:
“Manufacturing expansion is another sign that demand is improving. Power (PLUG – Buy; $3.50 PT) opened a new 38,400-square-foot manufacturing facility in Clifton Park, NY . As PLUG continues to expand its reach, there has been an increase in demand for PLUG’s products, prompting the company to explore manufacturing expansion. The new Clifton Park facility provides PLUG with the necessary additional capacity to satisfy the rapidly growing demands of the hydrogen fuel cell industry. In addition to helping expand PLUG’s core material handling business, we believe PLUG will further develop its on-road platform at the new facility.”
According to TipRanks.com, Driscoll has 0 stars on 0-5 star ranking scale with an average return of -8.1% and a 33.9% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and Canadian Solar Inc.
Plug Power has an analyst consensus of Strong Buy, with a price target consensus of $4.17, representing an 113.8% upside. In a report issued on August 10, H.C. Wainwright also maintained a Buy rating on the stock with a $4 price target.
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Based on Plug Power’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $25.87 million. In comparison, last year the company had a GAAP net loss of $42.62 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.
