Why Nikola and Plug Power Stocks Rose Today
Shares of two companies counting on a growing hydrogen economy rose today, after an analyst initiated coverage with a buy rating. The stocks of electric vehicle (EV) start-up Nikola (NASDAQ: NKLA) and hydrogen fuel cell maker Plug Power (NASDAQ: PLUG) rose on the analyst comments. After jumping almost 5%, shares of Nikola settled back to a gain of about 2%, while Plug shares pared some of its rise to a gain of 3.3% as of 10:35 a.m. EDT.
Analyst Gregory Lewis from research firm BTIG started coverage of both companies with a buy rating, giving Nikola a price target of $18 and Plug Power a target of $40 per share. That represents potential gains of 16% and 34% respectively, versus Thursday's closing prices.
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Source Fool.com
