Shares of Plug Power (PLUG) are on the rise after the company increased its 2018 revenue guidance, citing continued traction in the market and ongoing development of its business pipeline.

PLUG RAISES 2018 REVENUE FORECAST: This morning, Plug Power raised its FY18 revenue view to $175M-$190M from $155M-$180M, with consensus at $169.54M. "As a result of continued domestic and international growth across our lines of business paired with a strong deal pipeline, we are increasingly optimistic as we close out the year. This momentum in our pipeline also bodes well as we move into 2019. We are finalizing our fourth quarter delivery schedule and will be able to provide more insight in our upcoming third-quarter earnings call", CEO Andy Marsh stated. H.C.

WAINWRIGHT ANALYST 'PLEASED' WITH REVISION: Commenting on the announcement, H.C. Wainwright analyst Amit Dayal noted that Plug Power's management was being pressed to narrow its prior guidance range as it approached the end of the year and he is now "pleased" to see this topic being put to rest with a revision upwards. The company's new guidance range for 2018 is higher than his estimate of $171M for the year, he pointed out, adding that his third-quarter revenues estimate of $48.8M may now prove "a little conservative in light of the new guidance". Dayal reiterated a Buy rating and $40 price target on Plug Power shares.

PRICE ACTION: In morning trading, shares of Plug Power have gained over 5% to $1.98.