What happened
Shares of hydrogen fuel cell leader Plug Power (PLUG -0.73%) have had an eventful week so far -- and with Plug stock up 2.4% in 11:30 a.m. EDT trading, it seems the week isn't over yet.
On Wednesday, Plug stock popped on news that the company is partnering with Phillips 66 to "explore ways to deploy Plug Power's technology within Phillips 66's operations" and partnering with Airbus to "bring zero-emission aircraft to market by 2035."
Yesterday morning, Plug followed that up with news of a partnership with Fortescue Future Industries to build a "large-scale proton exchange membrane (PEM) electrolyzer" gigafactory in Australia. It also announced it will acquire liquefied gas equipment maker Applied Cryo Technologies for an undisclosed sum and unveiled the HyVia prototype hydrogen-powered van that it is building in cooperation with Renault.
Image source: Getty Images.
So what
Those last few announcements came in the form of press releases ahead of the company's 2021 Plug Symposium event. The company then proceeded to lay out the rest of its plans for the future at the main event.
Specifically, Plug set new guidance for 2022, 2024, and 2025, saying it expects to book between $825 million and $850 million in sales next year, grow that number more than 45% over the next two years (to $1.2 billion in 2024), and then more than double it again -- hitting $3 billion in annual revenue by 2025.
Now what
Investors applauded -- and Wall Street seems pretty impressed, too. According to the latest tally from TheFly.com, no fewer than four separate analysts have raised their price targets on Plug Power stock this morning.
BMO Capital is the most conservative with a $35 price target that implies about 9% upside. Piper Sandler pointed out that Plug's new $3 billion sales target for 2025 is "substantially higher" than Wall Street was expecting, and raised its price target to $37 a share. RBC Capital noted that the 2022 sales target is also higher than expected -- and raised its target to $40.
And, rounding out the list, Morgan Stanley raised its price target to $43. Citing the stock's "positive trajectory," MS believes Plug investors can look forward to 34% upside from today's prices.
