Analysts at J.P. Morgan increased their price target on Plug Power Inc. (PLUG) shares, saying they expect "rapid growth" for the hydrogen fuel-cell company. The analysts moved their price target to $8.50, from $6, implying a 6% upside for the shares, and kept their rating at their equivalent of hold. Plug Power's fuel-cell forklifts, used in warehousing, allow customers such as Amazon.com Inc. (AMZN) and Wal-Mart Inc. (WMT) to save money and improve productivity, the analysts said in a note Tuesday. The company also enjoys a "leading position" in hydrogen fueling infrastructure, which could be more efficient for commercial trucking than battery power, J.P. Morgan said. Plug Power shares have gained 154% this year, contrasting with losses around 5% and 11% for the S&P 500 index and the Dow Jones Industrial Average.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 30, 2020 10:44 ET (14:44 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.