Roth/MKM has revised its price forecast for Plug Power (NASDAQ: PLUG), doubling it to $9 per share. This adjustment led to a significant 18% surge in PLUG stock on Wednesday.
Roth/MKM initiates coverage of Plug Power (PLUG) shares with an upgraded price target. The new target of $9 per share marks a significant increase from the previous $4.50, implying a potential 140% upside. This surpasses the analyst consensus estimate of $7.81 per share.
The increase in price target accompanies an upgrade for PLUG stock, with analyst Craig Irwin elevating the stock from a Neutral to a Buy rating. In contrast, the analyst consensus rating for the shares remains on hold, based on 23 opinions.
What Factors Drive Bullish Sentiment Towards PLUG Stock?
Insights from the Roth/MKM analyst shared in a note to clients obtained by Seeking Alpha highlight positive news from the Georgia green hydrogen plant. They express confidence in the smooth ramp-up of the facility, addressing previous concerns about backlog and margin visibility.
According to the analyst,
“Our visit to the Georgia green hydrogen plant gives us confidence the facility is ramping smoothly and all major technical issues are handled, addressing our prior concerns about backlog and margin visibility.”
Plug Power (NASDAQ: PLUG) Stock Reaction
PLUG stock soared 19.30% on Wednesday. The traders had exchanged hands with 127,773,629 (127.77 million) shares compared to the average daily trading volume of 43.75 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
