On Friday, Roth Capital said it is more confident the fuel-cell company can meet its 2014 revenue guidance and booking target after the firm met with Plug Power CEO Andrew Marsh. Plug Power could try to roll out its products at four locations this quarter, which would position it well to ship more units than expected, according to Roth Capital.
This shipment increase will also raise the company's product gross margins, according to the firm. Finally, Roth Capital said Plug Power appears to be approaching a positive turning point with its large customers. But the firm is still concerned about the stock's valuation and therefore maintained its "neutral" rating.
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Last Tuesday, FBR Capital Markets initiated coverage on the fuel cell company with a "buy" rating and an $8 price target. The firm believes the company could supply components for 10% of the U.S. forklift market by 2017 and predicts revenue could surpass $200 million by that time. Plug Power's revenue totaled $25.7 million over the last year.
The stock was up 6.15% to $6.04 at 10 a.m.
Separately, 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 weak operating cash flow."