Benzinga | Oct 1, 2021 07:56AM EDT

BMO Capital Initiates Plug Power With Market Perform Rating, Sees 17.5% Upside

* BMO Capital analyst Ameet Thakkar initiated Plug Power Inc (NASDAQ:PLUG) with a Market Perform rating and a price target of $30, implying an upside of 17.5%.

* Thakkar mentions Plug is "strategically expanding its success in material handling to pave the way" for the hydrogen economy.

* The analyst says the company offers exposure to the energy transition outside of wind/solar. However, Thakkar takes a "wait and see approach" to hydrogen and says that green hydrogen prices "must come down meaningfully."

* Also read: Plug Power's stock climbs as Tesla, FuelCell Energy push the EV Sector.

* Price Action: PLUG shares are trading higher by 0.67% at $25.71 during the premarket session on Friday.