One of the Top Sectors to Invest In for 2023

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Keep an eye on hydrogen stocks, especially Plug Power (PLUG).

According to UBS analyst Manav Gupta, the stock is a buy and could see $26 a share. “Hydrogen could be a $10 trillion market by 2030, and PLUG aims to be a one-stop shop and market leader in the entire space,” Gupta said, as quoted by Barron’s. “Investors are underappreciating the growth potential as we forecast $5 billion in sales by 2026 (from current $900 million) vs Street at $3.4 billion.”

The analyst isn’t alone in his assessment.

With regards to PLUG, ISI Evercore has a buy rating on the stock with a $40 price target.  He also notes the company is still making progress on a few of its hydrogen plants across the country. Susquehanna analyst has a buy rating on the stock, with a target of $28 a share.

For the industry overall, Goldman Sachs says the hydrogen space could become a $12 trillion market by 2030. Bank of America says green hydrogen could be worth more than $11 trillion by 2050.  Morgan Stanley says hydrogen could become an $11 trillion opportunity. So, it’s fair to say hydrogen has a big opportunity in front of it.