H.C. Wainwright analyst Amit Dayal has maintained their bullish stance on PLUG stock, giving a Buy rating on October 20.
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Amit Dayal has given his Buy rating due to a combination of factors including Plug Power’s strategic positioning in the European hydrogen market and its potential for significant revenue growth. The company has successfully completed the first phase of its hydrogen supply delivery for the H2CAST project and is on track to deliver additional metric tons by the end of 2025. This demonstrates Plug Power’s ability to leverage its resources and expertise in Europe, a region that is actively pursuing clean energy solutions driven by regulatory mandates.
Furthermore, Dayal projects that Plug Power’s net revenues will increase substantially from $685 million in 2025 to $14 billion by 2036, with an impressive compound annual growth rate of 31%. The company’s gross margins are also expected to improve significantly, moving from negative levels to over 20% by 2028-2029. Despite some risks, including market adoption and regulatory challenges, the long-term growth prospects and strategic initiatives in Europe underpin Dayal’s positive outlook for the stock.
In another report released on October 20, TD Cowen also maintained a Buy rating on the stock with a $4.50 price target.