Plug Power (PLUG) Continues March Up and Up

NEW YORK (TheStreet) -- Plug Power (PLUG) is continuing its march upwards. The alternative fuel cell maker added 14.9% to $6.69 by early afternoon Tuesday.

On Monday, shares exploded 24.6% after Cowen & Co. analyst Rob Stone said its recent deal with Wal-Mart (WMT) was only the first of big-name contracts.

"The six-site Wal-Mart order is also a framework contract for future sites," said Stone in a note. "We expect more deals with customers."

The firm raised its 12-month price target to $5.50 from $5.

Last week, the Latham, NY-based business announced a multi-site GenKey purchase order from Wal-Mart, a deal which would see it roll out hydrogen fuel cell solutions to power electric lift truck fleets at six of Wal-Mart's North American distribution centers.

A total 1,738 GenDrive fuel cell units will be deployed over two years with a six-year GenCare service contract for each site. The first site will be deployed by the second quarter ending June of 2014.

PLUG Chart PLUG data by YCharts

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TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D-. The 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."

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