JPMorgan is bullish on the company's long-term outlook despite short-term challenges.
Hydrogen fuel cell company Plug Power is on pace for meaningful upside with several near-term catalysts ahead, according to JPMorgan. Analyst Bill Peterson added Plug Power to its positive catalyst watch list for the near-term in a Thursday note, in addition to reiterating its overweight rating on the stock. It also maintained its price target of $12 per share, implying shares could rally 59.1% from Wednesday's close.
mountain Plug Power shares "However, we think the company was prudent in revising its targets and providing appropriate disclosure around near-term challenges that will likely linger into next year before abating," said Peterson. "Thus, the guidance revision could act as a clearing event ahead of multiple near-term catalysts." Potential catalysts for the company and hydrogen sector are near, according to the analyst.
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