In a report released yesterday, Carter Driscoll from B.Riley FBR assigned a Buy rating to Plug Power (NASDAQ: PLUG), with a price target of $3.50. The company’s shares opened today at $1.87.
Driscoll wrote:
“We view the acquisition as a vertical one, similar to what PLUG did when it bought ReliOn for its stack technology back in 2014. AFC’s process and MEA technology are based on Proton Exchange Membrane (PEM) technology, which is what PLUG’s product portfolio is also based. One of PLUG’s objectives with this deal is to drive down long-term costs and increase product margins from vertically integrating with a better MEA process technology as well as the MEA itself. We understand that PLUG and AFC have been working together for approximately two years and that AFC had garnered interest from Chinese companies with on- road platforms and/or aspirations, so one reason PLUG acquired AFC is to control its technology. Analyst certification and important disclosures can be found on pages 3 – 6 of this report.”
According to TipRanks.com, Driscoll is ranked 0 out of 5 stars with an average return of -8.3% and a 33.1% success rate. Driscoll covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, Enphase Energy, and Aemetis.
Plug Power has an analyst consensus of Strong Buy, with a price target consensus of $4.17.
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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 4M.
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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.
