Benzinga | Nov 19, 2021 11:43AM EST

Why Plug Power Shares Are Rising

Plug Power Inc. (NASDAQ:PLUG) shares are trading higher after Morgan Stanley maintained an Overweight rating on the stock and raised its price target from $43 to $65.

Morgan Stanley analyst Stephen Byrd noted two main bullish catalysts following several constructive updates:

2 Believes the company will grow its hydrogen production and electrolyzer businesses at a more rapid rate, due to continued cost reductions and growing customer demand.

4 Capture market share within these businesses.

The analyst also noted 'We continue to believe PLUG is one of the best positioned companies in the hydrogen economy, given their strong balance sheet, scale, and vertical integration strategy, which we believe it can continue to achieve through future M&A.'

Plug Power Inc. provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe.

Plug Power's stock was trading about 9.65% higher at $44.32 on Friday at the time of publication. The stock has a 52-week high of $75.49 and a 52-week low of $18.47.