Plug Power stock rallied 5% in premarket trading.The stock has rallies toward 6th straight gain ahead of annual symposium.
B. Riley analyst Christopher Souther says potential for guidance raises could 'catalyze' the stock.
The hydrogen and fuel cell systems company's much-anticipated annual symposium later this week.
Analyst Christopher Souther at B. Riley said he believes the symposium, to be held virtually on Oct. 14, will be key for gauging the company's long-term potential.
"In our view, management is likely to increase its 2021 guidance and 2024 targets given the strength in material handling and the additional adjacent market opportunities, which should boast robust growth rates through the decade," Souther wrote in a note to clients. "In addition to the potential near- and mid-term guidance raises, we expect management to provide insight into its goals for 2025+, which should drive positive investor sentiment given [Plug Power's] opportunity set."
He reiterated the buy rating he's had on the stock since June 2020 and kept his stock price target at $45, which implied about 58% upside from current levels.
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