Analysts at Northland Capital Markets raised their rating of Plug Power (NASDAQ:PLUG) from Market Perform to Outperform. They set a price target of $22.00 for the company. Shares gained more than 5% pre-market today after the company secured a 100 MW Electrolyzer deal for the Green Hydrogen project.
The analysts believe that Plug Power is now on a clear path toward generating cash flow, and the momentum is increasing with each new deal announcement.
The analysts expressed confidence that the company will reach a break-even point in terms of profitability by the end of this year and generate positive cash flow in the following year. The analysts expect Plug Power to experience higher revenue in its electrolyzer business and achieve improved profit margins.