- The shares of Plug Power Inc (NASDAQ: PLUG) have received a price target of $35 by Morgan Stanley. These are the details.
The shares of Plug Power Inc (NASDAQ: PLUG) have received a price target of $35 by Morgan Stanley. And Morgan Stanley analyst Stephen Byrd resumed coverage of Plug Power with an “Equal-Weight” rating.
Byrd noted that the company’s stock price already reflects a major portion of the company’s rapid growth. And even after modeling in anticipated double-digit revenue growth through 2050 and significant margin expansion, Byrd noted that his discounted cash flow analysis “results in a modest 8% upside” from the current levels.
However, Byrd is bullish about the future of Plug Power. He cited the company’s product advantages and strong balance sheet. Plus the company has strategic partnerships to position it well in the hydrogen economy.
Byrd forecasted gross billings of $475 million this year, $750 million next year, and $1.7 billion in 2014.
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