$Plug Power(PLUG)$
$Tesla Motors(TSLA)$
Shares of fuel cell technology Plug Power (NASDAQ:PLUG) jumped 36.1% in the afternoon session after H.C. Wainwright more than doubled its price target on the company's shares to $7 from $3 while maintaining a 'Buy' rating.
The analyst firm pointed to a few key factors for the optimistic outlook. It noted that significant increases in electricity prices over the previous few months and growing regulatory support for nuclear power created a more favorable environment. These conditions, combined with strong demand for power from data centers and industrial electrification, were expected to make green hydrogen more competitive in price. This could support wider use of Plug Power's hydrogen solutions.
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