Plug Power Started With Positive Rating at Susquehanna

By Sam Boughedda

Investing.com — Plug Power Inc (NASDAQ:PLUG) shares fell 1.2% despite Susquehanna starting coverage with a positive rating and $26 price target.

Analyst Biju Perincheril told clients in a note that the rating "reflects Plug's top-line growth potential" as the green hydrogen ecosystem develops over the coming years, which allows for "the stock’s relatively rich valuation."

"Although we have a relatively cautious view of the hydrogen market, we think Plug’s ability to provide integrated end-to-end green hydrogen solutions (from electrolyzers to hydrogen fuel, to fuel cells) will put it in a favorable position to generate double-digit annual top-line growth over the next decade," explained the analyst.

Plug shares initially climbed to a high of $21.35 on the back of the rating and comments from Susquehanna. However, it has since fallen to the $19.80 mark, after an overall market slide after the Fed signaled a potential March rate hike.

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