Plug Power (PLUG) Eyes Expansion in Energy Markets, TD Cowen Maintains Buy

Plug Power Inc. (NASDAQ:PLUG) ranks among the best short squeeze stocks to buy right now. On November 19, TD Cowen maintained its Buy rating for Plug Power Inc. (NASDAQ:PLUG) but lowered its price target to $4 from $4.50. The change comes after Plug Power’s most recent symposium, which featured client endorsements of the company’s value proposition.

TD Cowen claims that Plug Power Inc. (NASDAQ:PLUG) remains focused on execution in order to grow its material-handling and electrolyzer businesses while moving closer to profitability.

The firm also pointed out that the stock price has suffered as a result of Plug Power’s announcement of a convertible offering following market close, which was primarily meant to refinance 15% of the company’s debt.

Plug Power Inc. (NASDAQ:PLUG) announced the pricing of a $375 million convertible senior notes issuance scheduled for 2033 at a 6.75% rate. The company estimates net proceeds of about $347.2 million from this transaction.

Plug Power Inc. (NASDAQ:PLUG) provides alternative energy technology focusing on the development, design, manufacturing, and commercialization of hydrogen and fuel cell systems that are primarily employed for the material handling and stationary power markets.

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