Clear Street Upgrades Plug Power (PLUG) to Buy

Clear Street analyst Tim Moore upgraded Plug Power (NASDAQ: PLUG) from Hold to Buy with a price target of $3.00 (from $3.50).

The analyst comments: "We upgrade our rating to Buy from Hold on Plug Power (PLUG) to reflect the attractive upside potential from the recent stock price. We find the upside more compelling today than when the stock reached $4.00 in early October.
We trim our price target to $3.00 from $3.50 to reflect the dilution from the convertible refinancing in late November, net of cash proceeds, and a slightly lower valuation multiple applied to our 2027 sales estimate.
Our $3.00 price target is based on 4x EV/Sales our 2027 sales estimate of $1.07 billion, which is a slight premium to the stock’s 3-year average historical valuation, which has decreased slightly on a rolling basis since our prior publication. We apply a slight premium to account for the company’s cost savings during 2025, lower annual cash burn rate, and improving win opportunities for European refineries electrolyzers."

For an analyst ratings summary and ratings history on Plug Power click here. For more ratings news on Plug Power click here.

Shares of Plug Power closed at $1.94 yesterday.

You May Also Be Interested In