Investors are underappreciating the growth potential of this hydrogen fuel cell maker, UBS says
Investors are underappreciating the growth potential of Plug Power , according to UBS. Analyst Manav Gupta initiated coverage of the hydrogen fuel cell maker with a buy rating and $26 price target, suggesting shares can jump more than 84% from Tuesday's close, driven in part by Plug's competitive green hydrogen offering.
Green hydrogen is one of Plug's most compelling offerings, putting the company on track to attain $3 billion in top-line growth by 2025, Gupta wrote. The production tax credit for clean hydrogen, which offers $3 per kilogram through the Inflation Reduction Act, is another selling point. Gupta also views the bank's target of $5 billion in sales by 2026 as achievable given the accelerating pace of hydrogen adoption, viewing the hydrogen market alone as a $10 trillion market by 2030.
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