Stock Update: Plug Power (NASDAQ:PLUG)

[Globe Newswire] Plug Power (NASDAQ:PLUG), a leader in providing clean, reliable energy products, has successfully completed installation of its first GenFuel hydrogen infrastructure for the ground support equipment (GSE) market at the Memphis Airport. This GenFuel infrastructure deployment includes a standard hydrogen storage tank, compression system, fuel pipelines, and Plug Power’s first outdoor GenFuel hydrogen dispensers that will be used for a 15-truck fleet of airport tuggers powered by Plug Power fuel cells. The outdoor hydrogen dispenser varies from its indoor counterpart by providing an all-weather enclosure capable of protecting the equipment from harsh elements that can be experienced on an airport tarmac such as rain, snow, direct sun, high winds and extreme temperatures.

Similar to the GenFuel experience at other customer sites, the Memphis truck drivers will simply pull their GSE vehicles up to the dispenser and personally refuel in just three to four minutes. “Plug Power’s ability to offer customers both indoor and outdoor GenFuel solutions allows us to broaden our reach even further into adjacent markets like ground support equipment,” said Andy Marsh, CEO at Plug Power. “The all-weather outdoor dispenser is a natural addition to the GenFuel portfolio.”

There are currently four analysts that we track that cover the stock.  Of those four, three have a Buy rating and one has a Hold rating.  On a consensus basis this yields a score of 2.75 and a Buy.  The combined price objective of these covering analysts is $6.72, which represents a 54.41% upside difference to the last closing price.

A recent analyst activity consisted of Cowen and Company reiterating their Outperform stance on the company.  On the date of the report, the stock closed at $5.92.

Another research firm weighing in recently was Roth Capital who Boosted their rating on the stock.  On August 15th Roth Capital upgraded their price target on the stock from $4.75 to $6.15, or a 41.38% upside to the current price.  On the day of the report, PLUG shares closed at 5.92

Plug Power Inc (PLUG) an alternative energy technology provider, is engaged in the design, development, manufacture, and commercialization of fuel cell systems for the industrial off-road markets worldwide. It is focused on proton exchange membrane (PEM) fuel cell and fuel processing technologies and fuel cell/battery hybrid technologies. The company’s product line includes GenDrive, a hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenKey, its turn-key solution offering simplicity to customers transitioning their material handling vehicles to fuel cell power; GenFuel, its hydrogen fueling delivery system; and GenCare, its ongoing maintenance program for both the GenDrive fuel cells and GenFuel products

Stock Update: Plug Power (NASDAQ:PLUG) was last modified: November 20th, 2014 by Justin Cohen

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