Oppenheimer analyst Colin Rusch initiated coverage with a Buy rating on Plug Power (NASDAQ: PLUG) today and set a price target of $2.50. The company’s shares closed yesterday at $1.95.
Rusch observed:
“We are initiating coverage of Plug Power Inc. (PLUG) with an Outperform rating and a $2.50 price target. We view PLUG as an industry leader with a differentiated fuel cell technology for motive applications. The company has established a foundation for growth in key end markets, notably forklifts, and should enjoy significant operating leverage. Ongoing growth in bookings and revenue, and reaching sustainable EBITDAS break-even, are key catalysts.”
According to TipRanks.com, Rusch is a 4-star analyst with an average return of 11.5% and a 47.3% 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 $3.75, a 92.3% upside from current levels. 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.
