Why Shares of Plug Power Are Popping Today
While the temperature has been dropping in many parts of the country, shares of Plug Power (NASDAQ: PLUG) are heating up this week. For the third day in a row, shares of the fuel cell specialist are drawing attention from bulls. Today's catalyst for the stock's strong upward momentum is positive coverage from an analyst -- something that hasn't been the case for the recent past.
As of 10:10 a.m. ET, shares of Plug Power are up 6.4%.
Setting a price target of $26, Manav Gupta, an analyst at UBS, initiated coverage on Plug Power and assigned a buy rating on the stock, according to The Fly. As of the end of yesterday's trading session, the price target implies upside of 84%. Gupta predicates the auspicious belief of Plug Power's upside on the idea that the company "aims to be a one stop shop and market leader in the space." Moreover, Gupta forecasts Plug Power will generate sales of $5 billion in 2030.
In 2021, Plug Power reported revenue of $502.3 million.
Source Fool.com
