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Shares of Plug Power Inc. rallied Thursday, aft Piper Sandler expert Pearce Hammond turned bullish connected the hydrogen and substance compartment systems company, citing charismatic valuation and “tremendous guardant momentum” connected its greenish hydrogen plans.
Hammond raised his standing to overweight, aft initiating Plug astatine neutral 8 months ago. He reiterated his $33 banal terms target, which is 19.6% supra existent levels.
The banal PLUG, +2.93% roseate 2.5% successful day trading. It has mislaid much than fractional its worth since Hammond started covering the banal connected Jan. 27.
“[T]he shares person travel disconnected importantly contempt the institution making important advancement connected its maturation initiatives,” Hammond wrote successful a probe enactment to clients. “Since May, Plug shares person been rangebound betwixt $20-$35/share, and we judge the existent stock terms offers an charismatic introduction constituent and risk/reward up of a catalyst-rich expert time adjacent month.”
The institution is hosting its adjacent Plug Symposium connected Oct. 14, astatine which Hammond expects Plug to update its multiyear outlook and supply much colour connected caller customers. He besides expects the institution to update its people markets, specified arsenic information halfway backup powerfulness and mobility, arsenic good arsenic item the size of the greenish hydrogen and electrolyzer markets.
Plug had announced connected Monday it volition conception a caller greenish hydrogen works successful California, adding to the ones it already has successful New York, Tennessee and Georgia. Hammond expects the institution to denote a 5th plant, successful Texas, earlier the extremity of the year.
Despite the stock’s weakness this year, it has inactive soared 128.5% implicit the past 12 months, portion shares of rivals Ballard Power Systems Inc. BLDP, +0.29% person edged up 3.9% and Bloom Energy Corp. BE, +2.02% person gained 29.0%, and the S&P 500 scale SPX, +1.38% has precocious 37.9%.
Hammond started sum of Bloom Energy connected Thursday astatine neutral with a $21 banal terms target, saying the institution is his 2nd favourite of the 3 hydrogen and substance compartment companies helium covers. His 3rd favourite is Ballard Power, which helium besides rates neutral, but connected Thursday helium chopped his terms people to $12 from $14.
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