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Plug Power's Clean Hydrogen Solutions Positioned for Growth, Says HSBC Analyst

By Don Francis, Editor
September 26, 2023 6:30 AM UTC
Plug Power's Clean Hydrogen Solutions Positioned for Growth, Says HSBC Analyst

HSBC's Samantha Hoh initiated their coverage on Plug Power (NASDAQ: PLUG) with a Strong Buy rating and a $11 price target. Hoh expressed optimism about the future of clean hydrogen production in the United States, citing the potential impact of federal stimulus. "Hydrogen is an enabling fuel and technology for a clean economy," Hoh offered as background to their assessment of Plug Power. They also highlighted Plug Power's position as a one-stop shop for end-to-end hydrogen solutions and liquid hydrogen fuel.

The analyst rating for Plug Power is highly positive, with 100% of top-rated analysts currently rating the stock as a Strong Buy or Buy. No analysts see it as a Hold, and none either recommend or strongly recommend selling the stock. This strong consensus among analysts indicates a favorable outlook for Plug Power.

However, despite the positive analyst rating, Plug Power's stock price has experienced a decline. Since the company's last quarterly report on June 30, 2023, the stock price has dropped by 28.5%. Year-over-year, the stock is down even more significantly, with a decline of 69%. During this period, Plug Power has been trailing the performance of the S&P 500, which has shown a decrease of 15.4%.

It is important to note that HSBC analyst Samantha Hoh has a favorable track record as an analyst. WallStreetZen ranks Hoh in the top 29% out of 4,337 Wall Street analysts, with an average return of 20% and a 33.3% win rate. Their specialization in the Industrials, Utilities, and Energy sectors adds credibility to their assessment of Plug Power.

Plug Power Inc. is a company that delivers clean hydrogen and zero-emissions fuel cell solutions for various applications, including supply chain and logistics, on-road electric vehicles, and stationary power markets. The company aims to build a green hydrogen ecosystem, encompassing production, storage, and delivery of green hydrogen, as well as energy generation through mobile or stationary applications. Plug Power offers a range of technologies, including proton exchange membrane (PEM) fuel cells, fuel processing technologies, and fuel cell/battery hybrid technologies. They also provide infrastructure for hydrogen storage and dispensing.

The company's product portfolio includes GenDrive, a hydrogen-fueled PEM fuel cell system for material handling electric vehicles; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, a maintenance and service program for fuel cell systems and hydrogen storage products; and GenSure, a stationary fuel cell solution for backup and grid-support power requirements.

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