Plug Power price target raised to $4 from $2.50 at Canaccord

Canaccord raised the firm’s price target on Plug Power (PLUG) to $4 from $2.50 and keeps a Hold rating on the shares. The firm said a little over one year since Plug Power announced Project Quantum Leap, a broad restructuring and cost-optimization program designed to accelerate its path toward profitability and reduce persistent cash burn. The company’s Q1 results displayed continued signs that these initiatives are having the intended impact, with a right-sizing of operating expenses complemented by reduced labor usage for servicing driven by longer life of product, while fuel margins strengthened as PLUG streamlines distribution between internally produced and 3P-sourced hydrogen.