Analysts at J.P. Morgan increased their price target on Plug Power Inc. shares, saying they expect "rapid growth" for the hydrogen fuel-cell company. The analysts moved their price target to $8.50, from $6, implying a 6% upside for the shares, and kept their rating at their equivalent of hold. Plug Power's fuel-cell forklifts, used in warehousing, allow customers such as Amazon.com Inc. and Wal-Mart Inc. to save money and improve productivity, the analysts said in a note Tuesday. The company also enjoys a "leading position" in hydrogen fueling infrastructure, which could be more efficient for commercial trucking than battery power, J.P. Morgan said. Plug Power shares have gained 154% this year, contrasting with losses around 5% and 11% for the S&P 500 index and the Dow Jones Industrial Average. Read More...
Analysts at J.P. Morgan increased their price target on Plug Power Inc. shares, saying they expect “rapid growth” for the hydrogen fuel-cell company. The analysts moved their price target to $8.50, from $6, implying a 6% upside for the shares, and kept their rating at their equivalent of hold. Plug Power’s fuel-cell forklifts, used in warehousing, allow customers such as Amazon.com Inc. and Wal-Mart Inc. to save money and improve productivity, the analysts said in a note Tuesday. The company also enjoys a “leading position” in hydrogen fueling infrastructure, which could be more efficient for commercial trucking than battery power, J.P. Morgan said. Plug Power shares have gained 154% this year, contrasting with losses around 5% and 11% for the S&P 500 index and the Dow Jones Industrial Average.
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