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Thursday, November 16, 2023 8:13:10 AM
AuthorVlad Schepkov Published Nov 16, 2023
Analysts at Citi downgraded Plug Power (NASDAQ:PLUG) to a Neutral rating (from Buy) and lowered their Price Target to $5 (from $12.50), noting that PLUG's management's "subpar execution has led the company into liquidity challenges."
In their latest note, they note that the company has not been able to execute on its formerly "catalyst rich story," as none of the potentially positive developments - GA commissioning, 45V clarification, H2 hubs, breakeven margins, strong sales growth - have played out.
On the contrary, the previously bullish analysts now issue a warning about PLUG's near-term liquidity issues. They estimate "~$500mm of cash is required over the next six months against line of sight to ~$930mm in liquidity," and believe "the company will need more cash latest by 3Q24."
While they see a "narrow way out of the near-term issues" with the 45V PTC (NASDAQ:PTC) clarification, which they now view not as a potential catalysts but as a "much-needed lifeline," they also note that "PLUG would need to secure some funding... to ensure existential risk is mitigated," and believe the "margin of error is small."
The analysts conclude that if unfavorable, the 45V PTC situation "could also pose insurmountable challenges," and as such estimate "risk/reward is in favor of a Neutral rating," as they downgrade the shares and lower their Price Target.
Shares of PLUG closed at $4.35 yesterday, and are down nearly 65% YTD.
https://ng.investing.com/news/stock-market-news/plug-power-cut-to-neutral-at-citi-the-company-has-a-narrow-way-out-but-the-margin-of-error-is-small-432SI-1145132
Recent PLUG News
- Plug CEO Andy Marsh to Participate in the 10th Annual ROTH London Conference • GlobeNewswire Inc. • 06/26/2024 11:00:05 AM
- Plug Reaches 7.5 GW in BEDP Contracts for Global Electrolyzer Projects • GlobeNewswire Inc. • 06/25/2024 11:00:23 AM
- Plug Secures 25 MW PEM Electrolyzer Deal for Major European Customer • GlobeNewswire Inc. • 06/21/2024 11:00:45 AM
- Plug Receives Industry Certification for its High-Powered Stationary System • GlobeNewswire Inc. • 06/20/2024 01:20:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 08:34:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 08:33:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 08:32:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 08:31:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 08:31:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 08:30:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/07/2024 01:00:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/05/2024 01:00:29 PM
- Plug to Webcast Annual Shareholder Meeting on June 5, 2024 • GlobeNewswire Inc. • 05/30/2024 09:55:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:40:29 PM
- Form 424B7 - Prospectus [Rule 424(b)(7)] • Edgar (US Regulatory) • 05/24/2024 08:02:55 PM
- Plug, Airbus, Delta, Hartsfield-Jackson Atlanta International Airport Study Feasibility of Hydrogen Hub at World’s Busiest Airport • GlobeNewswire Inc. • 05/21/2024 03:31:00 PM
- Shareholders that lost money on Plug Power Inc.(PLUG) should contact The Gross Law Firm about pending Class Action - PLUG • PR Newswire (US) • 05/21/2024 09:45:00 AM
- Plug Signs 3 GW BEDP Contract with Allied Green Ammonia for Electrolyzer Project in Australia • GlobeNewswire Inc. • 05/16/2024 11:00:00 AM
- Plug to Revolutionize Middle-Mile Delivery with Class 6 Fuel Cell Electric Truck Integration • GlobeNewswire Inc. • 05/15/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 12:06:42 PM
- Plug Receives $1.66 Billion Conditional Commitment Loan Guarantee From Department of Energy for Green Hydrogen Development Pipeline • GlobeNewswire Inc. • 05/14/2024 12:00:00 PM
- Investors who lost money on Plug Power Inc.(PLUG) should contact The Gross Law Firm about pending Class Action - PLUG • PR Newswire (US) • 05/14/2024 09:45:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:34:02 PM
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- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:30:53 PM
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