- Susquehanna analyst Biju Perincheril reiterated a Positive rating on the shares of Plug Power, Inc. (NASDAQ:PLUG), lowering the price target to $15 from $22.
- Extension of projects completion worth $200 million to 1Q24 versus 4Q23 is likely to drag margins, the analyst notes.
- Management’s updated guidance for 2023 is related to electrolyzers, with the remainder from third-party liquefier sales as well as other opportunities/variation of the business.
- The analyst notes that margins are also likely to be affected by slight delays in green hydrogen production.
- There is a potential for a delay in getting to its 200 tpd green hydrogen target as the company incorporates learnings from its first plant.
- Based on the above, the analyst reduced FY23 revenue forecast to $1.3 billion from $1.4 billion.
- The analyst now expects an adjusted loss of ($0.89) per share, wider than the previous expectation of ($0.86) loss.
- Meanwhile, the analyst noted Plug sees strong demand for its electrolyzers and stationary products and could finalize additional sales of over 1GW in the near term.
- Price Action: PLUG shares are trading lower by 2.50% to $7.80 on the last check Wednesday.
SKYX And GE Sign A 5-Year Renewal Of A Global Licensing Master Service Agreement To License Certain SKYX Advanced And Smart Technologies In The U.S. And Worldwide
SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a SKYX Technologies) (the "Company" or "SKYX"), a highly disruptive platform technology company with 77 pending and issued patents globally and over 60 lighting and home décor
