Plug Power (PLUG) Eyes Expansion in Energy Markets, TD Cowen Maintains Buy

Plug Power Inc. (NASDAQ:PLUG) ranks among the best short squeeze stocks to buy right now. On November 19, TD Cowen maintained its Buy rating for Plug Power Inc. (NASDAQ:PLUG) but lowered its price target to $4 from $4.50. The change comes after Plug Power’s most recent symposium, which featured client endorsements of the company’s value proposition.

TD Cowen claims that Plug Power Inc. (NASDAQ:PLUG) remains focused on execution in order to grow its material-handling and electrolyzer businesses while moving closer to profitability.

The firm also pointed out that the stock price has suffered as a result of Plug Power’s announcement of a convertible offering following market close, which was primarily meant to refinance 15% of the company’s debt.

Plug Power Inc. (NASDAQ:PLUG) announced the pricing of a $375 million convertible senior notes issuance scheduled for 2033 at a 6.75% rate. The company estimates net proceeds of about $347.2 million from this transaction.

Plug Power Inc. (NASDAQ:PLUG) provides alternative energy technology focusing on the development, design, manufacturing, and commercialization of hydrogen and fuel cell systems that are primarily employed for the material handling and stationary power markets.

While we acknowledge the potential of PLUG to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PLUG and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.