Plug Power Inc (NASDAQ:PLUG) stock began the week on a positive note as shares jumped 4.20% to $4.47. Shares of the fuel cell technology company continued to move higher in the third consecutive session after Cowen & Co. analyst Robert Stone upgraded the stock from Market Perform to Outperform on Thursday. Stone argued that the company’s $80 million in year-to-date bookings point to a “steep ramp” in the current quarter and profitability by Q4. Plug Power’s bookings have more than doubled from last year.

Plug Power

Plug Power’s solid cash position should support expansion

However, Robert Stone cut the price target from $7.50 to $6, citing the recent stock dilution and higher expenses. Though Plug Power Inc (NASDAQ:PLUG)’s sales are expected to surge in coming quarters, Stone believes the company’s solid cash position should help its expansion in Asia and new product segments. Notably, Plug Power has signed a deal with Hyundai Hysco to manufacture and market fuel cells in Asian markets, which represent a huge opportunity for the company.

Plug Power Inc (NASDAQ:PLUG) shares tumbled on May 14 after the company reported disappointing first quarter results. The Latham, New York-based company posted a Q1 loss of 6 cents a share, wider than the consensus estimate of 5 cents. Its revenues also plunged 13% YoY to $5.60. Plug Power shipped only 165 units in the first quarter, down from 268 units in the same quarter last year. However, the company issued strong guidance for the coming quarters, and expected to become profitable by the year-end.

Plug Power has ‘encouraging’ long-term opportunities

Other analysts also commented on the stock last week. On Thursday, Citigroup slashed its price target on Plug Power Inc (NASDAQ:PLUG) from $7.50 to $6. The price target reflects an upside potential of about 35%. Roth Capital Partners analysts have also cut their price target from $8 to $3.75 last week. The research firm currently has a Neutral rating on the stock. Roth Capital says Plug Power has “encouraging” long-term opportunities, but it would focus on short-term execution.