HSBC Lifts Plug Power Price Target Amid Clean Tech Optimism

Plug Power Inc.(PLUG) received a vote of confidence from HSBC analyst Samantha Hoh on Thursday, who lifted her price target on the stock from $2.50 to $4.60. 

Despite ongoing challenges in the clean energy space, Hoh continues to rate the hydrogen fuel cell company as a “Buy”, according to TheFly.

Hoh expressed optimism about the outlook for the U.S. clean technology sector, citing an improving macro environment marked by declining interest rates, more grounded growth forecasts, and a shift toward practical government policies. 

Plug Power stock traded over 7% lower in Thursday’s premarket. On Wednesday, the company announced a warrant inducement deal with a single institutional investor. The move is expected to generate approximately $370 million before fees and costs. 

According to Hoh, the U.S. clean energy space could see a “healthy upcycle” characterized by reduced dependence on federal subsidies and a more disciplined approach to expansion. However, she cautioned that political developments in Washington still pose risks that could impact sentiment.

This comes after Plug Power announced developments around its hydrogen projects. In September, the company said its Georgia facility reached a production milestone in August, generating 324 metric tons of green hydrogen, the highest monthly total in the plant’s history.

On October 1, the company delivered a 10-megawatt electrolyzer to the Portuguese energy firm, Galp. The newly delivered module is the first of 10 planned units, all of which are scheduled to be installed by early 2026.

Plug Power stock has gained 71% year-to-date and over 79% in the last 12 months. 

Also See: Draganfly Stock Rises After Company Taps Global Ordnance For US Expansion

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