Plug Power falls 7% after JPMorgan calls the company ‘fully-valued,’ issues price target below current level

SourceBusiness Insider
SectorEconomy
CountryMiddle east

Miquel Gonzalez/Shell Plug Power fell 7% on Thursday after JPMorgan initiated the hydrogen fuel-cell manufacturer at "neutral" with a $60 price target, representing potential downside of 14% from Wednesdays close.Despite the downside price target, JPMorgan believes Plug Power is a first-mover in what represents a "massive market opportunity" that could be worth $200 billion.Plug Power is "fully-valued but a must own in the hydrogen space," JPMorgan said.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.  Plug Power fell as much as 7% on Thursday after JPMorgan said the hydrogen fuel-cell leader is "fully-valued but a must own in the hydrogen space." JPMorgan initiated Plug Power at a "neutral" rating with a $60 price target, representing downside potential of 14% from Wednesday's close. The price target is based on a discounted 2024 market cap derived from a 60-times enterprise value-to-2025 EBITDA forecast of $534 million.  Shares of Plug Power have been on a tear in recent months, and year-to-date Plug Power is up 105% as of Wednesday's close. Plug Power is a first-mover in the hydrogen space, having developed proven proton exchange membrane technology that powers logistic vehicles for first-rate customers like Walmart and Amazon. The company is capitalizing on what ...read more...