Plug Power Stock Has 16% Upside, According to 1 Wall Street Analyst
From the start of the year through the end of trading last week, Plug Power (NASDAQ: PLUG) stock has vastly underperformed the market. Whereas the S 500 rose 7.4% during this time frame, share prices of Plug Power fell about 18%.
However, one Wall Street analyst believes that Plug Power stock is set to reverse this downward trend and head higher. Hiking his price target 33% from $3 to $4, Jordan Levy, an analyst at Truist Financial, thinks Plug Power could soar about 16% from Wednesday's closing price of $3.43.
Levy predicates the stock's higher price target on investors' continuing enthusiasm for the company's hydrogen production announcement. In late January, Plug Power announced that it had commenced operations at a liquid hydrogen production facility in Georgia -- an important step in its pursuit of developing a robust hydrogen production infrastructure. Plug Power is targeting daily hydrogen production of 2,500 tons by 2030.
Source Fool.com
