Plug Power price target raised to $3.50 from $1.80 at Susquehanna

Susquehanna raised the firm’s price target on Plug Power (PLUG) to $3.50 from $1.80 and keeps a Neutral rating on the shares. The firm updated estimates and price targets in the alternative energy space ahead of the Q3 reports. The analyst is “incrementally more bullish” on the industry due to favorable policy developments that preserve tax credits and other key provisions of the Inflation Reduction Act. Susquehanna favors companies with a domestic manufacturing presence and “robust” backlogs like First Solar (FSLR) and GE Vernova (GEV).