Hyzon Motors‘ (NASDAQ:HYZN) stock price closed 13% up on Thursday. Investors reacted positively to how Jed Dorsheimer from Canaccord Genuity initiated coverage of Hyzon: the analyst gave HYZN a buy rating and a $12 target.
This target meant the analyst expects a ~100% upside from the opening price on Thursday, December 23.
Dursheimer said that Hyzon has “industry-leading power density,” and thinks that the company has natural partners in the oil and gas industry.
This means that the latter can easily use its already developed distribution network to multiply the speed of adoption for hydrogen-powered fuel-cell vehicles.
The Canaccord analyst also pointed out that Hyzon – unlike many of its competitors – is making deliveries.
The targets for 2022 are between 600-700 vehicle deliveries and international growth outside the US.
This likely discounts Nikola’s delivery news from earlier this month, with its first two hydrogen fuel-cell truck deliveries to Total Transportation Services Inc. as reported by CNET.
Fresh lawsuit to impact Hyzon stock?
Back in July the company shared its ambitions plans for 2025 – 9,300 fuel-cell trucks delivered, generating a projected revenue of $3.3 billion.
But previously announced targets like these have prompted several class action lawsuits against the company and yesterday another one was initiated.
Lifshitz Law Firm has announced that HYZON is one among five public companies that have allegedly misled investors about customer contracts, partnerships and its ability to deliver vehicles on time.
Earlier in October Rosen Law Firm also launched a suit based on an investigation from activist investment firm Blue Orca.
The investigation claimed Hyzon’s clients are a “fake-looking Chinese shell company” and a startup from New Zealand who said they are “not really a customer”.
The accusations pushed the stock price down 30% to $4 but received a stern reply from Hyzon’s management and recovered swiftly.
Read more about Hyzon: TC Energy And Hyzon Working Together On Hydrogen Production