Hydrogen fuel cell company Plug Power got a rating boost from JP Morgan. .
Analyst Paul Coster raided his rating on the shares to overweight from neutral, and kept his price target at $65 per share. Coster mentioned in an investors’ note that that he was taking advantage of recent volatility to upgrade the company. According to him, the stock is “attractively priced at present, ahead of potential positive catalysts."
Last week, the company announced its partnership with South Korea's SK Group on a $1.6 billion capital investment to boost hydrogen fuel cells as an alternative energy source in Asian markets.
“We are adjusting 2021-2022 estimates with this note to reflect our latest thinking regarding the pace of investment activity associated with the firm’s initiatives in Europe and South Korea," the analyst wrote.
"On revisiting the model, we believe we previously underestimated the amount and pace of investment that PLUG will be making over the next two years in pursuit of nascent market opportunities."