Keep an eye on Plug Power (PLUG).
Canaccord Genuity just reiterated its buy rating and raised its price target to $8.50 from $7.00, estimating that the acquisitions of United Hydrogen and Giner ELX will immediately add to Plug’s results.
Oppenheimer upped its target to $8 from $6, saying the acquisitions reflect continued “savvy” strategic decisions. “We believe these additions to the portfolio make Plug the clear global leader in providing cost-effective motive hydrogen solutions in the middle and last mile delivery as well as material handling.”
JP Morgan also increased its price target expecting “rapid growth” for the company.
Estimating that demand for hydrogen from its current customers will reach 100 tons per day by 2024, these acquisitions are likely to help Plug meet it.
Plus, California just passed regulations that will require all trucks to produce zero emissions by 2045. Starting in 2024, we’ll see a gradual phase-in through 2035, as well. This could be substantial news for a company like PLUG to expand into the trucking market.