Why Plug Power Stock Soared Today
Shares of fuel cell company Plug Power (NASDAQ: PLUG) rocketed 6.5% through noon ET on Friday -- and for the most surprising of reasons: a lukewarm "equal weight" rating on Wall Street.
This morning, investment bank Wells Fargo announced it is raising its price target on Plug stock, which was already up 12% since the company reported earnings earlier in the week.
Plug's earnings per se weren't particularly impressive, with sales rising a respectable 21% -- but losses up 74% as operating costs doubled. In its note, covered by The Fly today, Wells Fargo charitably described the company's numbers as "light" of analyst targets. Nevertheless, Wells added $10 to its price target for Plug stock -- now targeting $29 a share -- on the theory that faster growth at the company makes it $3 more valuable and tax incentives contained in the Inflation Reduction Act of 2022 could add a further $7 per share in value.
Source Fool.com
