TD Cowen analyst Jeff Osborne maintained a Buy rating on Plug Power (PLUG – Research Report) on March 5 and set a price target of $4.00.
Jeff Osborne has given his Buy rating due to a combination of factors that highlight Plug Power’s strategic initiatives aimed at enhancing profitability. The company is focusing on key areas such as material handling, electrolyzers, and hydrogen production, which are expected to drive more efficient growth. Additionally, Project Quantum Leap is set to significantly reduce annual costs by $150 to $200 million, which will streamline operations and improve financial performance.
Moreover, the company’s electrolyzer segment has shown impressive growth, with a sixfold increase in revenue from 2023, and further expansion is anticipated. The upcoming Louisiana plant, scheduled to be operational in the second quarter of 2025, is expected to boost production capacity. Despite some challenges, such as revenue fluctuations and operational delays, Osborne sees the outlined path to improved profitability and strategic focus as strong positives supporting the Buy rating.
In another report released on March 5, H.C. Wainwright also maintained a Buy rating on the stock with a $3.00 price target.