Why Plug Power Stock Dropped Today
Shares of Plug Power (NASDAQ: PLUG), the fuel cell company that's also building a green hydrogen business to power the fuel cells it sells, saw its stock price drained on Wednesday.
Its shares slid 6.7% through 12:40 p.m. ET after an analyst at investment bank J.P. Morgan cut his price target on the stock by 12.5%, to $28 a share.
That may not sound like such terrible news. Plug Power stock sells for only $16 a share right now, so a move to $28 over the course of the next 12 months would imply a staggering 75% profit for new investors. (And indeed, anticipating this, the analyst rates the stock as overweight.)
Source Fool.com
