By Sam Boughedda
Investing.com — Plug Power Inc (NASDAQ:PLUG) shares rose more than 10% Friday following bullish comments from Morgan Stanley analyst Stephen Byrd.
Plug Power joined other EV stocks in Friday's rally.
Byrd lifted his price target on Plug shares to $65 from $43, keeping an overweight rating after he "significantly" increased his revenue estimates. His price target suggests the stock has potential for a gain of 48%.
The analyst has taken a more bullish view on electrolyzers and hydrogen production following management commentary on growth in the areas.
In a research note, Byrd said Plug Power is "one of the best-positioned companies in the hydrogen economy."
While the analyst said he is more cautious on Plug's stationary power business, he told investors that “given recent acquisitions and commentary around the potential for large-scale electrolyzer deployments, we have increased confidence that the company can hit its preliminary targets within these markets."
Byrd isn't the only analyst who sees upside in the stock — on Wednesday, Citi analyst P.J. Juvekar raised the price target on Plug shares to $56 from $35.