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Fly News Breaks for November 25, 2019
Nov 25, 2019 | 09:05 EDT
B. Riley FBR analyst Christopher Van Horn raised his price target for Plug Power to $6 from $3.50 and reiterates a Buy rating on the shares. The stock closed Friday at $3.38. The company's long-term revenue target of $1B over the next five years, with $200M in adjusted EBITDA, "seems highly probable," given recent industry- and company-specific fundamentals, Van Horn tells investors in a research note. Based on recent award activity and market commentary, the analyst believes the stock and the fuel cell technology seem to be at an inflection point. He sees "strengthening demand" for its technology in core material handling markets, as well as lateral opportunities in on-road applications. Plug Power is better positioned in its core material handling business than ever before, contends Van Horn.
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