Breaking News
LAST CHANCE for Cyber Monday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Plug Power Up on Morgan Stanley Upgrade, Deals for Clean Fuel

Stock MarketsOct 13, 2021 15:40
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Dhirendra Tripathi

Investing.com – Plug Power stock (NASDAQ:PLUG) climbed 11% Wednesday after an upgrade by Morgan Stanley (NYSE:MS) and green hydrogen deals the company struck with Airbus (PA:AIR) and Phillips 66 (NYSE:PSX).

Morgan Stanley analyst Stephen Byrd upgraded the stock to overweight with a revised target of $40, an upside of around 21% from the stock’s current level.

Byrd sees positive risk-reward from current levels with three catalysts driving the stock’s outperformance.

The company has announced several strategic partnerships recently, a development the analyst is enthused by. He also pointed out to around $4 billion of cash and cash equivalents on its balance sheet, accelerating revenue growth and the potential for significant upside from legislative support as other reasons for his optimism in the stock.

According to the analyst, green hydrogen will play a crucial role in decarbonization, and he believes Plug Power is one of the best positioned to benefit from future demand for the fuel and related technologies given its vertical integration strategy, scale, and expertise.

Incidentally, the company announced two more deals today to further the use of green hydrogen.

The deal with Airbus aims to decarbonize air travel and airport operations with green hydrogen. Under this pact, the two companies will select a U.S. airport to serve as the first ‘hydrogen hub’ pilot airport in North America, serving as a case study for hydrogen infrastructure scale-up at other airports.

Plug Power and Airbus will also consider setting up a range of joint projects as part of this partnership to further pioneer the deployment of green hydrogen infrastructure for aviation, at scale.

The agreement with Phillips 66 will explore ways to deploy Plug Power’s technology within the former’s refineries and other operations.

Plug Power Up on Morgan Stanley Upgrade, Deals for Clean Fuel
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email