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Plug Power stock surges after Piper Sandler says time to buy, citing ‘tremendous forward momentum’ on green hydrogen plans

Shares of Plug Energy Inc. rallied Thursday, after Piper Sandler analyst Pearce Hammond turned bullish on the hydrogen and gas cell techniques firm, citing enticing valuation and “super ahead momentum” on its inexperienced hydrogen plans.

Hammond raised his ranking to chubby, after initiating Plug at impartial eight months in the past. He reiterated his $33 inventory value goal, which is nineteen.6% above present ranges.

The inventory
PLUG,
+2.56%

rose 2.5% in afternoon buying and selling. It has misplaced greater than half its worth since Hammond began protecting the inventory on Jan. 27.

“[T]he shares have come off considerably regardless of the corporate making important progress on its progress initiatives,” Hammond wrote in a analysis observe to purchasers. “Since Could, Plug shares have been rangebound between $20-$35/share, and we imagine the present share value provides a gorgeous entry level and threat/reward forward of a catalyst-rich analyst day subsequent month.”

The corporate is internet hosting its subsequent Plug Symposium on Oct. 14, at which Hammond expects Plug to replace its multiyear outlook and supply extra shade on new prospects. He additionally expects the corporate to replace its goal markets, reminiscent of knowledge heart backup energy and mobility, in addition to spotlight the scale of the inexperienced hydrogen and electrolyzer markets.

Plug had introduced on Monday it should assemble a brand new inexperienced hydrogen plant in California, including to those it already has in New York, Tennessee and Georgia. Hammond expects the corporate to announce a fifth plant, in Texas, earlier than the tip of the 12 months.

Regardless of the inventory’s weak point this 12 months, it has nonetheless soared 128.5% over the previous 12 months, whereas shares of rivals Ballard Energy Methods Inc.
BLDP,
-0.26%

have edged up 3.9% and Bloom Power Corp.
BE,
+2.18%

have gained 29.0%, and the S&P 500 index
SPX,
+1.59%

has superior 37.9%.

Hammond began protection of Bloom Power on Thursday at impartial with a $21 inventory value goal, saying the corporate is his second favourite of the three hydrogen and gas cell corporations he covers. His third favourite is Ballard Energy, which he additionally charges impartial, however on Thursday he minimize his value goal to $12 from $14.

https://www.marketwatch.com/story/plug-power-stock-surges-after-piper-sandler-says-time-to-buy-citing-tremendous-forward-momentum-on-green-hydrogen-plans-11632419659?rss=1&siteid=rss | Plug Energy inventory surges after Piper Sandler says time to purchase, citing ‘super ahead momentum’ on inexperienced hydrogen plans

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