Plug Power (PLUG:US) shares rose more than 10% on Wednesday after the energy company presented its long-term guidance.
The new financial targets are seen by investors as stronger than expected, especially in the case of a long-term revenue outlook. The rise in PLUG shares is noticeable and could bring the stock to its highest level since September 29.
Plug Power anticipates revenue of $5 billion by 2026, surpassing the $3.7 billion estimate from analysts. The company expects 2023 revenue to be $1.2 billion, down from the prior forecast of $1.2 billion to $1.4 billion, and below the consensus of $1.27 billion.
Looking further ahead, Plug Power envisions revenue of about $6 billion in 2027 and approximately $20 billion in 2030.
Despite the company guiding down its 2023 revenues, the positive long-term outlook appears to be the driving force behind investor optimism.
The stock closed at $7.16 on Tuesday. Shares were down more than 41% year-to-date through Tuesday’s close.