Plug Power Stock Has 25% Upside, According to 1 Wall Street Analyst
When Plug Power (NASDAQ: PLUG) reported earnings last week, investors got some mixed messages about the company: On the one hand, Plug missed sales and earnings estimates in 2023, losing $2.30 per share for the year (which is bad news). On the other hand, Plug cited plans to create and sell $1 billion worth of new stock, and to secure a new $1.6 billion loan from the Department of Energy, as giving it sufficient "liquidity" that there is "no longer substantial doubt of the Company's ability to continue as a going concern" -- which is good news.
After selling off initially on the loss, Plug Power ended the day in the green. And according to investment banking firm Craig-Hallum, this is only the beginning. Roughly one year from now, claims this banker, Plug Power stock (currently trading just under $4 a share), could be worth $5 a share -- a 25% upside for new investors.
Is Craig-Hallum right in their analysis? Anything is possible, but to be perfectly honest, I'm not too keen on Plug Power's prospects to reward investors.
Source Fool.com
