Analyst Predicts Continued Success for Plug Power’s Stock

NEW YORK, NY — Plug Power‘s stock has surged more than 250% since May, and one analyst believes this trend will continue into next year.

Eric Stine, an analyst at Craig-Hallum, reaffirmed his “buy” rating for Plug Power on September 30, 2025, with a target price of $4 per share. This is among the highest predictions in the analyst community. Stine’s optimism follows positive feedback from the company’s recent investor meetings, highlighting Plug Power’s plans to ramp up its presence in the hydrogen fuel sector.

Stine attended a meeting where Plug Power CFO Paul Middleton and VP of Investor Relations Roberto Friedlander presented to investors. This was Middleton’s first roadshow appearance in over a decade, and he revealed that he’d purchased more than 1 million shares of the company in 2025.

Stine cited two main catalysts for his positive outlook. He noted that Plug Power is actively marketing itself more to analysts and investors, building on renewed interest in hydrogen technology. He forecasts accelerating revenue growth for the company through 2026, supported by operational improvements.

Last week, Plug Power announced staff reductions aimed at achieving profitability by 2025. Analysts point out that while streamlining operations is critical, the company must also overcome significant financial hurdles. In the last quarter, Plug Power reported a net loss of $227 million, a setback that raises concerns over cash flow.

Despite Stine’s bullish view, many analysts remain skeptical. They predict potential declines of 30% to 50% for Plug Power shares over the next year due to ongoing cash flow issues. The company has historically struggled to achieve profitability, with substantial losses mounting to nearly 10% of its market cap in just 90 days.

Plug Power specializes in proton exchange membrane technology for hydrogen fuel cells, which some analysts argue faces stiff competition from other hydrogen technologies that may be more efficient and cost-effective. While Stine maintains a positive perspective, other analysts emphasize the importance of proving demand for Plug Power’s technology and achieving profitability before investors fully commit.

As Plug Power navigates both growth and financial challenges, the next several quarters will be crucial to see if its strategies succeed in the competitive hydrogen market.