Plug Power Just Got a New Street-High Price Target. Should You Buy PLUG Stock Here?

Companies seeing their shares trading at penny stock levels are constantly looking for a breakthrough. Whether it is a new product, management revamp, or financial improvement, any of these can act as a trigger for the company's stock. It appears that Plug Power (PLUG) may have found it in the form of a bullish note from leading broker Craig-Hallum.

The Minnesota-based broker has lifted its price target on PLUG stock to $4 from $2 while maintaining a “Buy” recommendation. Amid record production levels, analyst Eric Stine gave a thumbs-up to the company’s shift from a period of hyper-growth and heavy investment toward a more disciplined focus on core markets and cost efficiency.