Oppenheimer Releases a Buy Rating on Plug Power (PLUG)

Oppenheimer analyst Colin Rusch assigned a Buy rating to Plug Power (PLUGResearch Report) yesterday and set a price target of $62.00. The company’s shares closed last Monday at $20.07.

According to TipRanks.com, Rusch is a top 25 analyst with an average return of 61.9% and a 62.7% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as SolarEdge Technologies, Westport Fuel Systems, and Workhorse Group.

Currently, the analyst consensus on Plug Power is a Moderate Buy with an average price target of $52.79, representing a 133.0% upside. In a report issued on April 30, Evercore ISI also assigned a Buy rating to the stock with a $42.00 price target.

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Based on Plug Power’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $476 million. In comparison, last year the company earned revenue of $91.66 million and had a GAAP net loss of $18.28 million.

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New York-based Plug Power, Inc. is an electrical equipment manufacturing company. It develops hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity.