Why Plug Power Stock Is Surging Again Today

Core Insights - Plug Power's stock has surged 19% in early morning trading, marking a 67% increase in October and more than doubling since September 1 [1] - Analysts have recently become bullish on Plug Power, with one analyst raising the price target to $7 per share [2] - The company expects to achieve profitability driven by higher sales, with a significant price target increase from $1.80 to $3.50 per share by Susquehanna analyst [4] Sales Growth and Business Strategy - Plug Power anticipates that its electrolyzers and material handling businesses will be key drivers of sales growth [6] - The company delivered its first electrolyzer to Galp's Sines refinery in Portugal as part of a 100-megawatt deal, marking its largest project globally [6] - The incoming CEO highlighted that the company expects to exit 2025 with a positive gross margin run rate, indicating a potential for gross profit in the fourth quarter [5] Market Environment and Customer Base - The expansion of investment tax credits for fuel cell projects under the recent legislation enhances the competitiveness of Plug Power's products [7] - Major customers include global giants such as Amazon, Home Depot, and Walmart, which supports the company's market position [7]