H.C. Wainwright raised its price target on Plug Power (NASDAQ: PLUG) to $7.00 from $3.00 while maintaining a Buy rating.

The firm cited higher electricity costs and growing regulatory and market support for nuclear energy as drivers of increased competitiveness for green hydrogen. According to U.S. Energy Information Administration data, residential, commercial, and industrial power rates rose 6.6%, 4.8%, and 5.1% respectively over the past year, with some regions experiencing double-digit increases.

H.C. Wainwright said higher energy prices and accelerating data center demand were strengthening the economics of green hydrogen. The firm also highlighted the U.S. government's nuclear power targets, including 35 GW of new capacity by 2035 and 200 GW by 2050, which could support hydrogen adoption. Analysts pointed to the potential of small modular reactors to enable cost-effective hydrogen production and electrolyzers to enhance grid stability.