B. Riley analyst Christopher Souther raised his price target to $8 a share from $7 while Cowen's Jeff Osborne raised his price target to $9 from $6.
Plug Power shares at last check were 14% higher at $7.31. In late-morning Wednesday trading they'd been up as much as nearly 21%. The rise came on top of Tuesday's 15% advance.
The upgrades came after Plug said it acquired United Hydrogen Group of Canonsburg, Pa., and GinerELX of Newton, Mass.
The acquisitions are in line with a vertical-integration strategy that Plug Power has been pursuing, the Latham, N.Y., company said in a Tuesday statement.
"These activities further enhance Plug Power's position in the hydrogen industry with capabilities" in generating, liquefying and distributing hydrogen fuel, thus complementing its position in designing, building and operating customer-facing hydrogen fueling stations, Plug Power said.
“Improving the fueling cost and network is potentially a key enabler of potential expansion into commercial vehicles,” said Souther.
Osborne's upgrade was based on Plug's increase in sales and Ebitda projections for 2024 in the acquisition announcement.
The company expects to report revenue of $1.2 billion in 2024, up from its previous projection of $1 billion. PLUG expects operating profit of $210 million that year, up from its previous estimate of $170 million. And it sees adjusted earnings before interest, taxes depreciation and amortization up 25% to $250 million.
"Plug Power is focused on becoming one of the largest green hydrogen generation companies in the United States over the next five years and globally thereafter, and plans to continue to work with existing and new partners to accomplish this goal," the company said in the statement Tuesday.