Plug Power, the Industrials sector company, was revisited by a Wall Street analyst today. Analyst Amit Dayal from H.C. Wainwright maintained a Buy rating on the stock and has a $7.00 price target.
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Amit Dayal has given his Buy rating due to a combination of factors that position Plug Power for a strong financial outlook. The company has reported higher-than-expected revenues, primarily driven by hydrogen fuel sales and pricing improvements, which indicate robust market demand.
Additionally, Plug Power’s strategic initiatives, such as the delivery of GenEco PEM electrolyzers to significant projects and collaborations with major companies like Floor & Decor, Walmart, and Amazon, are expected to contribute substantially to their revenue growth by 2026. The company’s financial health is further supported by a strengthened balance sheet, with significant cash reserves and planned liquidity improvements through asset monetization. These factors, combined with management’s confidence in achieving positive EBITDAS by the second half of 2026, underpin Dayal’s optimistic outlook for Plug Power.
Dayal covers the Industrials sector, focusing on stocks such as Plug Power, Vertical Aerospace, and Ceco Environmental. According to TipRanks, Dayal has an average return of 1.3% and a 37.35% success rate on recommended stocks.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $4.50 price target.