Truist Securities Reiterates Hold Rating on Plug Power (PLUG)

Truist Securities analyst Jordan Levy reiterated a Hold rating and $3.00 price target on Plug Power (NASDAQ: PLUG)

The analyst comments "This morning, PLUG (Hold) announced that it has secured 25MW PEM electrolyzer deal for an unnamed major European customer, w/potential project expansion of up to 2GW capacity in the coming years. While timing of the order delivery was not disclosed, we continue to see execution on electrolyzer sales moving into the back half of the year/2025+ as a crucial component of PLUG improving its margins/overall financial positioning. In the company's release PLUG also talked to other projects the company is currently advancing on incl. a 100MW deployment and multiple 5 MW systems. We'd estimate ~$25MM of for the 25MW, & we forecast 89MW/228MW for '24E/'25E electrolyzer sales. While the US market continues to await Treasury guidance for PTC/election results, we see the EU & Australia as key nearer-term markets for electrolyzers as discussed in our recent mgmt catch-up note (link) last month where mgmt talked to several large projects nearing FID into year-end."

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Shares of Plug Power closed at $2.54 yesterday.

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