Plug Power Inc (PLUG)

[Jack_Bolander]

MORE REALLY BAD NEWS !

Plug Power slides as Citi cuts, seeing 'narrow way out' of near-term problems

Plug Power (NASDAQ:PLUG) -7.1% in Thursday's trading as Citi downgraded the stock to Neutral from Buy with a $5 price target, slashed from $12.50, saying management's "subpar execution has led the company into liquidity challenges."

"Although there is a narrow way out of the near-term issues, margin of error is small," Citi's Vikram Bagri wrote, adding the 45V PTC clarification, which was a potential catalyst, is "now a much-needed lifeline, which could also pose insurmountable challenges if unfavorable."

The analyst estimated Plug (PLUG) will require $500M of cash over the next six months against line of sight to $930M in liquidity, and believes the company will need more cash by Q3 2024 at the latest.

Plug Power (PLUG) is poised as a leader of the nascent hydrogen economy with its vertical integration strategy and global partnerships, but Bagri believes margin expansion will take longer than expected to play out."

https://seekingalpha.com/news/4037857-plug-power-slides-as-citi-cuts-seeing-narrow-way-out-of-near-term-problems?mailingid=33394715&messageid=2900&serial=33394715.14056&utm_campaign=rta-stock-news&utm_content=link-3&utm_medium=email&utm_source=seeking_alpha&utm_term=33394715.14056