Plug Power (PLUG)

Aug 10, 2022Trade Ideas

Plug Power (PLUG) missed on earnings.

The company posted revenue of $151.3 million. While that was up from $124.6 million year over year, it was still below expectations for $159 million. PLUG also posted a loss of 30 cents, as compared to 18 cents year over year. Analysts were only looking for a loss of 21 cents.

However, don’t count the stock out just yet.

Analysts are still bullish with the new climate bill. RBC Capital Markets, for example, just raised their price target on PLUG to $29 from $18, with an outperform rating. Analysts at KeyBanc also raised their price target to $32 with an overweight rating.

“We raise our price target from $30 to $32 based on our view that the energy and climate provisions in the bill will provide long standing tailwinds to the clean hydrogen industry, and PLUG with its established positioning in electrolyzers and hydrogen generation stands to benefit,” said the KeyBanc analysts.

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