Shares of the Latham, New York-based company, which makes hydrogen fuel cell systems, were up $6.27% to $12.38.
Morgan Stanley analyst Stephen Byrd said he upgraded Plug Power following the company's investor day symposium.
The analyst said the event featured upside potential from several areas, including fuel cell vehicle sales to Linde, the Apex partnership to secure cheap U.S. renewable power, "several avenues of growth" in Europe, and Plug Powe's strong progress in electrolyzer technology.
Byrd said he was bullish that green hydrogen will become economically viable more rapidly than investors appreciate, adding that Plug Power "is particularly well positioned to economically use green hydrogen in important products that serve very large addressable markets," and is making "important progress in addressing these markets through important customer and partner relationships."
Plug Power recently announced a memorandum of understanding for the demonstration of its ProGen fuel cell engine in Class 6 and Class 8 vehicles, which Linde will use for delivery of products. The fleet of hydrogen fuel cell vehicles are expected to be on the road in early 2021, the company said.
Last week, Barclays analyst Moses Sutton raised his price target on Plug Power to $13 from $12, while keeping an equal weight rating on the shares.
B. Riley FBR analyst Christopher Souther also reiterated a buy rating on Plug Power with a $13 price target following the symposium.