Wall Street Analysts Predict 100%+ Upside for Plug Power. Here's Why I'm Not Buying.

Wall Street analysts are broadly bullish on Plug Power (NASDAQ: PLUG), with an average price target of $3.20 and several calls for far higher upside. Canaccord Genuity’s Jason Tilchen is projecting 97% near-term upside, while Roth MKM’s Craig Irwin sees 147% upside and H.C. Wainwright’s Amit Dayal predicts as much as 246%. The company argues hydrogen can help as AI-driven demand strains power grids by letting hydrogen production adjust output to real-time needs, and it points to deals with data center operators and growing demand for its GenEco electrolyzers. Still, the piece questions the timeline and scale hurdles cited by S&P Global.