Citi starts Plug Power at Buy

Citi analysts launched research coverage of hydrogen stocks with Plug Power (NASDAQ:) seen as the best-positioned player in the space.

Shares in the company rose almost 1% in pre-market Wednesday.

“PLUG has positioned itself at the center of the hydrogen economy through vertical integration. The company has strong customer relationships, sufficient liquidity, path to profitability and diversified assets. We believe PLUG will act as an enabler of H2 switching and capture near to long term opportunities through the entire H2 value chain. Guidance on additionality and time matching as well as progress on gross margins should act as catalysts,” analysts said in a note.

The price target on PLUG stock is $13.00 per share, offering an upside potential of over 25%.

Elsewhere, analysts also launched coverage on Ballard Power Systems (NASDAQ:) with a Neutral rating and a $4.50 per share price target.

“BLDP is primarily focused on adoption in the mobility sector, where demand may reach an inflection point in 2026-27. Until then, the company will focus on reducing costs and slowly make progress towards EBITDA breakeven. We expect GM to turn positive in 2025 and EBITDA to breakeven in 2028.”