Shares of fuel cell pioneer Plug Power (NASDAQ: PLUG) jumped in Wednesday morning trading and were up 3.6% as of 10:30 a.m. ET. Initiating coverage of Plug stock with a positive rating this morning, Susquehanna Securities praised "Plug's top-line growth potential as the green hydrogen ecosystem develops over the next several years," saying the stock is worth $26 a share, nearly 30% more than it sells for today. Susquehanna admits that Plug stock has a relatively rich valuation, with a projected 2025 multiple of about 5.6 for enterprise value to sales.
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