Plug Power (PLUG) Soars to All-Time High on Higher PT, Rating Upgrade

We recently published 10 Stocks With Eye-Popping Double-Digit Gains. Plug Power Inc. (NASDAQ:PLUG) is one of the top performers on Friday.

Shares of Plug Power soared to a new all-time high on Friday, as investors took path from a higher price target and rating upgrade from HC Wainwright.

In a market note, the investment firm more than doubled its price target for Plug Power Inc. (NASDAQ:PLUG) to $7 from $3 previously, while giving the stock a “buy” recommendation, on the back of higher electricity prices in the US.

According to data from the US Energy Information Administration, power prices in the residential, commercial, and industrial segments over the past year rose by 6.6 percent, 4.8 percent, and 5.1 percent, respectively.

In other news, Plug Power Inc. (NASDAQ:PLUG) delivered its first 10-megawatt electrolyzer to Galp Energia, the largest energy company in Portugal. The initial delivery forms part of the 10 total deliveries, creating a full 100-MW system for Galp. The nine remaining machines are targeted to be delivered by early 2026.

Plug Power Inc. (NASDAQ:PLUG) touts its partnership with Galp as its largest worldwide, with the project capable of producing up to 15,000 tons of renewable hydrogen per year and replacing 20 percent of the grey hydrogen currently used at the Sines Refinery.

While we acknowledge the potential of PLUG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.