In a report released yesterday, Colin Rusch from Oppenheimer reiterated a Buy rating on Plug Power (PLUG), with a price target of $2.50. The company’s shares closed yesterday at $1.94.
Rusch wrote:
“PLUG continues to track toward its target of being EBITDAS breakeven in 2H:18 as it posted record quarterly sales of $53.2M. We believe the company is poised for significant operating leverage entering 2019. Critical, in our view, is that it posted positive GM on service sales. We see significant leverage in this area for PLUG as replacement cycles extend and systems upgrade processes become more efficient. We note the company is beginning to ramp production of its proprietary MEA and metal plate technologies which we believe are core to ongoing cost reduction efforts, enabling new market segments, as well as improving service and equipment margins. We remain bullish on PLUG shares and reiterate our OP rating and $2.50 PT.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 10.8% and a 50.8% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
Currently, the analyst consensus on Plug Power is a Strong Buy with an average price target of $3.60.
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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 $40.98 million.
Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is neutral 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.
