Plug Power Price Target Raised to $85 from $60 at H.C. Wainwright

H.C. Wainwright analyst Amit Dayal raised the firm's price target on Plug Power (PLUG) to $85 from $60 and keeps a Buy rating on the shares.

The company's second major partnership announced within a span of a week "cements" its position as the leading hydrogen and fuel cell play in the world, Dayal tells investors in a research note.

He believes the partnership with Groupe Renault is partly being driven by a favorable regulatory environment for non-combustion engine vehicle adoption in Europe.