Shares of Plug Power Inc. PLUG, 1.79% charged 7.6% higher in premarket trading, adding to the more than doubling over the past six sessions, after B. Riley Securities analyst Christopher Souther boosted his price target by more than 50%.
The stock, which has rocketed 105.2% the past six days to close Tuesday at a 15-year high, is on track for a 7th-straight gain, which would be the longest win streak since the 7-day stretch ended Nov. 18, 2019. B. Riley’s Souther reiterated the buy rating he’s had on the stock for at least a couple years but raised his price target to $79 from $52, following the company’s announcement of an agreement to launch a joint venture with France-based auto maker Groupe Renault. “We see the agreement as a significant positive for the company in providing a strong partner to build out local manufacturing, hydrogen infrastructure, and R&D for within the European continent,” Souther wrote in a note to clients. “We believe that the company’s ability to support the entire hydrogen ecosystem has been a key driver of the recent partnership uptick, enabling turn key solutions for hard to decarbonize energy and commercial vehicle sectors.” The stock has shot up nearly four-fold (up 286.1%) over the past three months through Tuesday, while the S&P 500 SPX, 0.00% has gained 8.2%.