UPDATE: FBR Capital Initiates Coverage On Plug Power

In Tuesday's morning summary, FBR Capital analyst Aditya Satghare initiated coverage of Plug Power (NASDAQ: PLUG) with an Outperform rating and an $8 price target.

"We believe that Plug Power has successfully made the transition from the early introduction of fuel cell power packs in material handling systems to offering complete hydrogen-based solutions for a wide range of material handling applications," commented Satghare.

As possible catalyst, Satghare pointed to new order wins in the U.S., potential expansion in Europe and the roll-out of a hydrogen delivery solution.

Shares of Plug have risen more than 13 percent early in Tuesday's session.