NEW YORK (TheStreet) -- Ballard Power Systems (BLDP) hit a one-year high of $4.47 on Monday as the fuel cell manufacturer rose in sympathy with peer company Plug Power (PLUG), which continued to benefit from its recently-announced Wal-Mart (WMT) deal.
Cowen & Co. noted that Plug Power's deal could be the first of many such partnerships. The firm stated that the deal with Wal-Mart, in which Plug Power will roll out more than 1,700 hydrogen fuel cell solutions to power electric lift truck fleets at six of Wal-Mart's North American distribution centers, could lead to deals with other customers, including Coca-Cola (KO), Procter & Gamble (PG), Sysco (SYY), Kroger (KR) and Bayerische Motoren Werke AG.
"The six-site Wal-Mart order is also a framework contract for future sites," the firm wrote in a research note on Monday. "We expect more deals with customers." Cowen also increased its target price to $5.50 from $5.
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Ballard Power Systems had been steadily rising since Feb. 20 and popped more than 12% to reach the one-year high. Plug Power and FuelCell (FCEL) also reached one-year highs on Monday. Must Read: Why FuelCell (FCEL) Hit a One-Year High Today STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. 
BLDP data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Stock quotes in this article: BLDP
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