TLDR
- Plug Power stock is up about 60% year-to-date, currently trading around $3.80 per share
- Susquehanna raised its price target from $1.80 to $3.50, a 94% increase, while maintaining a Neutral rating
- The company expects revenues to reach $1.5-1.8 billion by 2026 as new hydrogen plants come online in Georgia, Texas, and New York
- Plug Power is targeting breakeven gross margins by 2026 through cost management and localized manufacturing
- Analysts remain divided with price targets ranging from $0.75 to $7.00, reflecting uncertainty about execution and profitability timeline
Plug Power stock has climbed roughly 60% this year. The company is trading at approximately $3.80 per share as of October 2025.
Susquehanna analyst Biju Perincheril raised the firm’s price target on Plug Power from $1.80 to $3.50. The rating remains Neutral. The 94% increase in price target reflects changing views on the company’s near-term prospects.
The move comes as other analysts have also adjusted their outlook. HC Wainwright raised its price target to $7.00 from $3.00 while maintaining a Buy rating on October 3.
Clear Street analyst Tim Moore downgraded the stock to Hold with a $3.50 price target on October 8. Wells Fargo and Jefferies have also updated their targets in recent months.
The average price target among 21 analysts stands at $2.81. That suggests a potential downside from current levels. Targets range from a low of $0.75 to a high of $7.00.
Revenue Recovery Expected
Plug Power generated around $891 million in revenue in 2023. The company expects approximately $629 million for 2024. Liquidity issues and supply chain problems have slowed project execution.
The company is launching multiple green hydrogen production plants across the United States. New facilities in Georgia, Texas, and New York could produce over 500 tons of liquid hydrogen daily.
With these plants ramping up in 2025, revenues could reach $1.5 billion to $1.8 billion by 2026. That would represent a return to growth after two difficult years.
Plug Power currently has a market cap of $4.4 billion. The company trades at roughly 2.5 to 3 times forward sales. Competitor Bloom Energy trades at around 4 times forward sales.
If Plug Power meets production targets and its valuation multiple expands to 4 times, the stock could reach $5 to $6 per share. That would represent over 50% upside from current prices.
Path to Profitability
Management is targeting breakeven gross margins by 2026. The company has been cutting costs through localized manufacturing and automation. This milestone is viewed as critical for restoring investor confidence.
Plug Power has reduced cash burn concerns through government grants and capital raises. The strengthened balance sheet gives the company more runway to scale operations.
The company maintains partnerships with Amazon, Walmart, and Renault. These relationships provide stable revenue streams and validate Plug’s technology in real-world applications.
Plug Power’s vertical integration spans the entire hydrogen value chain. The company produces electrolyzers and fuel cells while also handling storage and logistics. This setup could allow for higher margins as production scales.
The hydrogen sector remains capital-intensive. Large investments are required before companies see consistent returns. Plant commissioning delays or cost overruns could derail the recovery story.
Competition is heating up from established players like Air Products and Bloom Energy. New startups are also entering the market and fighting for share.
Government policy plays a major role in the economics of hydrogen production. U.S. hydrogen tax credits help make projects viable. Changes to these incentives could impact profitability across the sector.
Plug Power has reduced adjusted EBITDA losses. The company still needs to prove it can generate sustainable positive cash flow. Analysts remain divided on when or if the company will reach profitability.
Based on consensus recommendations from 25 brokerage firms, Plug Power carries an average rating of 3.0. This indicates a Hold recommendation on the rating scale.
