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Why Plug Power Stock Bounced Back Today

·2 min read
Why Plug Power Stock Bounced Back Today
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Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) tumbled in Monday trading as investors reacted to a broad-based S&P 500 sell-off and an announcement from Plug Power that it will be investing heavily over the next several years to develop a string of liquid hydrogen production plants stretching from New York to California. In a "flash note" that came out over the weekend, analysts at Evercore made an aggressive bull case for why new legislation in Congress could help lift Plug Power stock -- currently selling for $26 and change -- as high as $42 a share within a year, or even higher, potentially more than doubling the stock price to $64 a share. As Evercore explained in a note covered by Tipranks.com, should either the $1 trillion infrastructure bill passed by the Senate (but not yet by the House), or the $3.5 trillion social infrastructure bill (not yet passed by either house of Congress) become law, it would be a big boon to Plug Power's business.