Plug Power (NASDAQ:PLUG) is experiencing a 7.1% pre-market surge on Friday following an upgrade from Northland Securities. Plug Power stock has been upgraded from Market Perform to Outperform, accompanied by a price target of $22. Analyst Abhishek Sinha believes that Plug Power is now on a clear path to generating cash flow and that momentum is steadily increasing with each new deal announcement.
Sinha expresses confidence in Plug Power’s ability to achieve margin breakeven by the end of this year and generate cash flow in the following year. The analyst also anticipates that Plug Power’s electrolyzer business will contribute to higher revenue. Sinha highlights the company’s growing momentum as it capitalizes on opportunities within the hydrogen sector. Recent project announcements in Europe serve as evidence of this trend.
Additionally, Sinha notes that the successful commissioning of plants in Louisiana, New York, and Texas will further solidify confidence in Plug Power’s ongoing progress. With these positive developments, Plug Power is positioned for continued growth and advancement in the industry.
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Author Faith Yakubu 
