Plug Power: a broker attracted by hydrogen fuel cells

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published on 01/03/2021 at 23h02

(Boursier.com) – Plug Power jumped 8.4% on Monday to finish at $52.46 on Wall Street after a positive recommendation from JP Morgan, whose analyst Paul Coster said the stock is now « attractively priced » and offers many long-term growth opportunities.

Plug Power is an American company specializing in the development of hydrogen fuel cells for electric vehicles. In particular, the company recently entered into a partnership with the French carmaker Renault. JP Morgan has gone from « neutral » to « overweight » (buy) on Plug Power with a target of $65, offering a potential of around 25% on the current share price.

A new big client coming to Europe?

A new big client coming to Europe?

JPM’s positive rating comes at a time when Plug Power’s share price lost 23.4% in February. « We are taking the opportunity of the recent volatility to raise our recommendation to overweight, » writes Paul Coster in particular. The stock has gained more than 54% since the beginning of the year and has increased 12-fold in one year.

The analyst believes that Plug Power is an attractive stock for investors wishing to increase their exposure to renewable energies and hydrogen in particular. He adds that he expects the company to acquire at least one new « anchor customer » in the coming months, probably in Europe.

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Plug Power: a broker attracted by hydrogen fuel cells
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