Hydrogen fuel cell systems developer Plug Power Inc (NASDAQ: PLUG) saw its stock experience a sharp drop after the stock received a lower rating from analysts at Morgan Stanley.
Morgan Stanley restarted coverage of the Plug Power stock yesterday and changed the rating to equal-weight from overweight. After the news emerged, there was a selloff in the stock and it dropped by as big as 7.5%. On the other hand, the target price for the stock stood at $35 a share.
The target price reflects an upside of 17% from the trading price of the stock at the start of Monday and hence, it could be argued that Morgan Stanley may not be entirely bearish about Plug Power at this point. The analyst pointed out that the company’s strong balance sheet, product diversity, and the string of strategic partnerships make it a compelling company to follow. However, the analyst pointed out that since the company has a market cap of $17.6 billion, there may not be a big upside in the near future.
Editor in Chief.
Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life