Sure, those three EV manufacturers all come with their own arguments for upside. But with industry on such a meteoric rise, as the EVs, investors would be well served exploring opportunities outside the cars themselves, particularly on the battery and charging side. After all, an electric car only runs with a charged battery, right?
That’s where a company like Plug Power (PLUG) comes in. And this week, the hydrogen fuel cell company grabbed the attention of J.P. Morgan analysts, like Paul Coster.
In a bullish note to clients on Monday, Coster classified Plug Power as an “attractively priced” stock, as he believes it’s a company with many “long-term growth opportunities.”
“We are taking advantage of recent volatility to upgrade Plug to overweight. In the context of the firm’s many long-term growth opportunities, we believe the stock is attractively priced at present, ahead of potential positive catalysts, which include additional ‘pedestal’ customer wins, partnerships and JVs that enable the company to enter new geographies and end-market applications quickly and with modest capital commitment.”
Coster raised his rating to overweight from neutral and kept his stock price target at $65, which was about 24% above Monday’s closing price of $52.46. In response, investors helped Plug Power shares rise 8.4% on Monday, after a February that saw the company’s stock tumble 23.4%.
Coster wrapped up by saying the overall market opportunity is expected to “easily exceed” $200 billion, and he expects Plug to inflect into “meaningful profitability” in 2023 to 2024.