Shares of Plug Power (PLUG) are soaring 5.11% in Tuesday's intraday trading session, as analysts maintain a positive outlook on the hydrogen fuel cell company amid ongoing legislative support for clean energy initiatives.
The stock's upward movement comes as multiple analysts reiterate their bullish stance on Plug Power. H.C. Wainwright analyst Amit Dayal maintained a Buy rating on the stock, citing a positive growth outlook for the company. Similarly, Roth MKM analyst Craig Irwin kept a Buy rating with a price target of $3.50, emphasizing the potential upside from the Big Beautiful Bill (BBB) act.
Investors appear to be reacting positively to the ongoing support for clean energy initiatives, particularly the extension of clean hydrogen production tax credits until December 31, 2027, as proposed in an advanced version of the BBB act. This development is seen as a significant win for the hydrogen industry and companies like Plug Power, potentially boosting their long-term growth prospects. The market's optimism is further fueled by expectations of continued government support for the transition to clean energy solutions.
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