Update (4:20 p.m.): Updated with one-year high price information.
NEW YORK (TheStreet) -- Plug Power (PLUG) surged to a one-year high of $5.83 on Monday after Cowen & Co. noted that the fuel cell manufacturer's deal with Wal-Mart (WMT) could be the first of many such partnerships.
The firm stated that the deal with Wal-Mart, in which Plug Power will roll out more than 1,700 hydrogen fuel cell solutions to power electric lift truck fleets at six of Wal-Mart's North American distribution centers, could lead to deals with other customers, including Coca-Cola (KO), Procter & Gamble (PG), Sysco (SYY), Kroger (KR) and Bayerische Motoren Werke AG.
"The six-site Wal-Mart order is also a framework contract for future sites," the firm wrote in a research note on Monday. "We expect more deals with customers." Cowen also increased its target price to $5.50 from $5.
Plug Power also announced on Monday that it would reports its fourth-quarter and full-year earnings results on Thursday, March 13.
Must Read: Getting Tricky
TheStreet Ratings team rates PLUG POWER INC as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and disappointing return on equity."