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Why did Plug Power stock pop today? CEO sees 2023 sales above consensus

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Plug Power (NASDAQ:PLUG) surged to its highest in more than two months, +13.1% in Monday’s trading after the company detailed plans for its investor day on Wednesday, which included above-consensus guidance for 2023 sales.

CEO Andy Marsh said visitors to its Rochester, N.Y., gigafactory will be able to “witness firsthand that we are not only selling and deploying tangible products but have also scaled up operations, [which] supports our near-term revenue goals of $1.4 billion in 2023 and our long-term target of achieving annual sales of $20 billion by 2030.”

Plug’s (PLUG) new 2023 sales estimate is ahead of the $1.29B analyst consensus estimate and nearly double the company’s 2022 revenues of slightly more than $700M.

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