Plug Power Inc (NASDAQ:PLUG) shares surged more than 9% on Friday to $4.40 after Cowen & Co. analyst Robert Stone upgraded the stock from Market Perform to Outperform on Thursday. Plug Power stock has declined more than 43% since Stone downgraded it to Market Perform on March 14. Cowen’s upgrade comes just a day after the company reported a quarterly loss of $75.9 million.

Plug Power

Cowen analyst visits Plug Power factory

Cowen & Co. believes Plug Power Inc (NASDAQ:PLUG) is positioned for solid growth and recurring revenue. The research firm’s downgrade in March was due to the company’s higher valuations. Robert Stone said Plug Power has reported bookings of $80 million this year so far, twice the bookings in the same period last year. Solid bookings indicate strong revenue growth in the current quarter and profitability by the fourth quarter.

Robert Stone also visited Plug Power Inc (NASDAQ:PLUG)’s factory on Wednesday, where he witnessed a “high level of activity.” An improved cash position after the recent stock offering should support expansion in Asia and new product categories. Last month, the company raised about $116 million in a secondary stock offering. However, Stone slashed the price target on the stock from $7.50 to $6, citing higher expenses and stock dilution.

Roth Capital Partners remains cautious on Plug Power

On the other hand, Roth Capital Partners has lowered its price target on Plug Power Inc (NASDAQ:PLUG) from $8 to $3.75. The research firm said that Plug Power’s long-term opportunities look encouraging, but it would focus on short-term executive. Roth Capital said it will wait for better visibility into latter half of the year to become more constructive. Roth Capital Partners has a Neutral rating on the stock.

Earlier this week, Plug Power Inc (NASDAQ:PLUG) reported Q1 loss of $75.9 million or 57 cents a share, after taking a $68.4 million charge related to stock warrants. Excluding one-time charges, the company incurred a loss of 6 cents a share. Revenues plunged 13% to $5.57 million. Analysts polled by FactSet had called for 5 cent in losses on revenues of $5.35 million.

Plug Power Inc (NASDAQ:PLUG) shares were up 6.70% to $4.30 at 12:27 PM EDT on Thursday.