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Shares of Plug Power (NASDAQ:PLUG) are up over 5% in premarket trading despite the hydrogen fuel cell maker missing analyst estimates.
Plug Power reported a loss per share of $0.30, worse than the consensus calling for a loss of $0.22. Revenue came in at $151.3 million to again miss the $155.2 million estimate.
For the full year, the company is looking to generate between $900 million and $925 million, which compares to the $915.6 million consensus.
A KeyBanc analyst raised the price target to $32 from $30 as she is positive on the IRA growth catalyst.
“Our view [is] that the energy and climate provisions in the bill will provide longstanding tailwinds to the clean hydrogen industry, and PLUG with its established positioning in electrolyzers and hydrogen generation stands to benefit,” she said in a client note.
A Susquehanna analyst also raised the price target as he went from $30 to $35.
“The company’s electrolyzer backlog continues to grow, and the fuel cell business looks to secure stationary power deployments in the near-term, particularly with Microsoft (NASDAQ:MSFT). Additionally, the proposed IRA, which includes a $3/kg PTC among other benefits, is a step closer to becoming a reality after it recently passed through the Senate. We maintain our Positive rating,” the analyst wrote to clients.
