Plug Power (PLUG) shares have kicked off 2021 with a bang, rising nearly 90% since the turn of the year. The PLUG narrative is benefiting from favorable macro conditions; A new U.S. administration intent on forwarding the case for clean energy is acting as a strong catalyst, driving positive investor sentiment toward the stock. Adding to the good news, the company said it has exceeded its 2020 gross billings target, while it expects to beat its previous 2021 estimates. The company previously guided for $450 million in billings in 2021, but now anticipates $475 million, a 5.5% increase. Further ahead, by 2024, PLUG is targeting $1.7 billion in sales, 40% above the previous estimate. Add into the mix a recent $1.5 billion investment in return for a 10% stake in the company from South Korea’s SK Group, and a joint venture with French automaker Renault to develop hydrogen-powered light commercial vehicles, and it’s no wonder J.P. Morgan analyst Paul Coster calls the company a “best-in-class long-term idea.” “A good story keeps getting better,” Coster said. “With PLUG capitalizing on its leadership position in Hydrogen energy and mobility solutions by nailing down customers and partners that expand the TAM, improve visibility and de-risk execution. The firm is also capitalizing on its soaring market cap to issue shares, building a balance sheet that will permit the company to execute its growth strategy with confidence.” However, while the analyst anticipates “meaningful profitability in 2023-24,” the stock appears “richly valued” compared to peers. As a result, Coster rates PLUG shares a Neutral (i.e. Buy), along with a $70 price target. This figure implies ~9% upside from current levels. (To watch Coster’s track record, click here) “We look for a pullback as an opportunity to get into this stock,” the analyst summed up. While Coster sits on the sidelines waiting for PLUG stock to reset itself, most analysts remain on board. According to TipRanks analytics, out of 12 analysts, 10 say Buy while 2 suggest Hold. But there’s a catch; the analysts, while keen on the company, evidently think shares have soared enough as the $60 average price target indicates. (See PLUG stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.