Plug Power (PLUG) PT Lowered to $3 at Craig-Hallum

Craig-Hallum analyst Eric A. Stine lowered the price target on Plug Power (NASDAQ: PLUG) to $3.00 (from $4.00) while maintaining a Buy rating.

The analyst commented: "Yesterday, Plug Power held its 6th annual symposium in Slingerlands, NY, this year titled “Plug Doing Real Things.” The event included presentations and panel discussions by PLUG senior management, leadership across the organization, and industry stakeholders. PLUG’s customer list and its commercial momentum remain substantial, and it has built a turnkey offering across the hydrogen ecosystem. It is now committed to matching that with operational excellence as it drives toward its 2025 goals (initial revenue guide well-below the Street) and growth/profitability objectives through 2030. While there is a measure of uncertainty as to the market/political backdrop, PLUG sees the regulatory outlook as supportive of its outlook and it remains confident in attaining DOE funding in the near-term. With 2025 guidance reset, we see PLUG as having a real opportunity to meet or exceed Street estimates for the first time in a long while. For meaningful share upside, we believe achieving its 2025 objectives and showing a credible path to its multi-year profitable targets is imperative. See the note for more details on the day as well as details on 3Q24 results and updated 2024 guidance (reported on 11/12)."

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