Plug Shares Rise After CEO Interview with Jim Cramer

 Plug Shares Rise After CEO Interview with Jim Cramer

Plug Power  (PLUG) – Get Plug Power Inc. Report shares rose Tuesday, after the hydrogen fuel cell developer’s CEO Andy Marsh waxed bullish for the company in a broadcast interview with Jim Cramer.

In the interview on CNBC’s Mad Money Monday, Marsh suggested that new deals with truck makers could be announced at the company’s hydrogen conference Thursday. He said Plug already is cooperating with General Motors  (GM) – Get General Motors Company (GM) Report on materials handling.

Plug stock closed at $29.78 Tuesday, up 8%. It has slumped 12% year to date on valuation concerns, but remains up 62% over the 12 months amid investor enthusiasm for renewable energy.

Last week, Barclays upgraded Latham, N.Y.-based Plug to equal weight from underweight. Analyst Moses Sutton kept his price target at $27.

He said in a research note that the company’s analyst day Thursday “could reasonably ignite some momentum” and drive the shares toward a new baseline for the next six to 12 months, or at least set a high-$20s floor for [the] share price.”

Plug “is one of the few renewable-energy companies that offers an alternative to the mainstream,” the analyst said.

“While there are multiple catalysts over the coming years, driven by a strong shadow backlog of material handling orders as well as developments in other HFC segments, weakening fundamentals place us on the sidelines,” Sutton said.

The analyst said in addition that “with the company’s stock stuck in stasis for some time now, … the bar is not set too high here, and underlying fundamentals will prove less critical into the event.”

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