Craig-Hallum Boosts Price Target on Plug Power (PLUG) Following Strong Q1 Results and Improving Fundamentals Plug Power Inc. (NASDAQ:PLUG) ranks among the top hydrogen stocks to buy now.
On May 12, Craig-Hallum boosted its price target for Plug Power Inc. (NASDAQ:PLUG) to $5 from $4, while keeping a Buy rating on the company’s shares
The company reported strong first-quarter results, which represented a further move toward its financial targets. Plug Power Inc. (NASDAQ:PLUG) posted first-quarter revenue of $165.5 million, which exceeded the Street’s expectation of $139.9 million. The firm also reported a narrower-than-expected adjusted loss of $0.08 per share, which topped analyst projections of $0.09 per share.
Given Plug Power’s lengthy history of losses, Craig-Hallum pointed out that successive quarters of considerably better operating performance are impressive. Craig-Hallum cited a strong market environment for all of Plug Power’s business segments, particularly sales of hydrogen fuel, electrolysis equipment, and material handling. The firm also claimed that a lower cost structure, increased optimization of Plug Power’s hydrogen production footprint, plus a stronger balance sheet, could meet fiscal 2026 objectives.