Plug Power (NASDAQ:PLUG) stock is getting a boost on Friday after Northland Securities analysts upgraded the hydrogen fuel cell company’s shares.
Analyst Abhishek Sinha is behind this news as they upgraded shares of PLUG stock from a “market perform” rating to an “outperform” rating. For the record, the analysts’ consensus rating for PLUG shares is “moderate buy” based on 19 opinions.
The Northland Securities analyst continues to hold a $22 price target for PLUG stock. That has them expecting a potential 78% upside for the company’s shares. Also, it’s worth noting the analysts’ consensus price prediction for PLUG is $20.17 per share.
Why the Bull Rating for PLUG Stock?
Here’s what Sinha said in a note to clients obtained by CNBC:
“We now have confidence that the company should be able to achieve margin break even by the end of the year and generate cash flow next year. We see PLUG generating higher revenue from its electrolyzer business and achieving better margins.”
Investors will note that PLUG just announced a 100-megawatts electrolyzer deal yesterday. This marks the company’s largest oil and gas sector project currently announced in Europe.
PLUG stock is up 5.4% Friday morning as some 9 million shares change hands. The company’s daily average trading volume is about 24.8 million shares.
Investors can keep reading for even more of the most recent stock market news worth knowing about today.
We’ve got insight into all of the hottest stock market stories that traders want to read about on Friday! A few examples include why shares of Leslies (NASDAQ:LESL) stock, Theseus Pharmaceuticals (NASDAQ:THRX) stock, and Ainos (NASDAQ:AIMD) stock are moving today. All of that news is ready to go at the links below!
More Friday Stock Market News
- Why Is Leslies (LESL) Stock Down 36% Today?
- Why Is Theseus Pharmaceuticals (THRX) Stock Down 68% Today?
- Why Is Ainos (AIMD) Stock Up 82% Today?
On the date of publication, William White 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.
