H.C. Wainwright analyst Amit Dayal maintained a Buy rating on Plug Power (NASDAQ: PLUG) today and set a price target of $4. The company’s shares closed yesterday at $1.88.
Dayal wrote:
“We are projecting the company to grow its topline at a five-year CAGR of 27.5%, from $171.0M in 2018 to $576.0M in 2023. We believe that the company should be able to grow its gross margins from 12.0% in 3Q18 to 35.4% in 2023 as revenues rise. We expect PLUG’s operating expenses to grow modestly at a five-year CAGR of 3.3%, from $71.8M in 2018 to $84.6M in 2023. We expect the company to realize breakeven adjusted EBITDAS during 2019. We continue to believe that the company will generate net profits during 2020 and beyond.”
According to TipRanks.com, Dayal is ranked 0 out of 5 stars with an average return of -6.2% and a 37.7% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Capstone Turbine Corp, and Orion Energy Systems.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Plug Power with a $3.75 average price target.
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The company has a one-year high of $3.21 and a one-year low of $1.53. Currently, Plug Power has an average volume of 2.44M.
Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock.
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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.
