Over the past month, shares of hydrogen fuel cell play Plug Power (NASDAQ:PLUG) have traded within a relatively narrow band of roughly $24 and $27 per share. Today, PLUG stock is trading near the higher end of that range, shooting 2% higher at the time of writing.
This move follows some relatively bullish momentum over the past week. Shares of PLUG stock have gained approximately 10% over the past five sessions as risk-on sentiment takes hold among some growth sectors of the economy.
It appears hydrogen fuel cells are once again in focus for growth investors of late. The specific catalysts for this rally can be debated. However, the rapid fall from grace for PLUG stock, as well as its peers, is notable. In the case of Plug Power, this is a stock that went from more than $75 per share to the $27.50 level at the time of writing. That’s good for a decline of more than 60% from its peak.
Can PLUG stock get back to its former highs and continue even higher? Let’s take a look at why one analyst is getting bullish on this stock right now.
Bullish Analyst Report Boosting PLUG Stock
Today’s outperformance in PLUG stock appears to be the result of an upgrade for Plug Power. Indeed, this is a company that hasn’t seen too many upgrades in the recent past. Accordingly, investors are taking this upgrade positively, as they should, today.
Piper Sandler analyst Pearce Hammond hiked his price target and rating on PLUG stock. Hammond believes Plug Power could be worth $33 per share. Additionally, he has grown increasingly bullish on this stock, changing his rating from the equivalent of hold.
The key catalyst Hammond sees on the horizon is the expansion of the green hydrogen ecosystem to the West Coast. Furthermore, there’s the potential for some big announcements to come at the company’s upcoming analyst day. With these in mind, growth investors appear to be enticed by the speculative possibilities unfolding with PLUG stock. And today, folks appear to be willing to put a few chips on this green hydrogen stock, just in case.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.