- Truist Securities analyst Jordan Levy reiterated a Hold rating on the shares of Plug Power Inc (NASDAQ:PLUG) and lowered the price target from $11 to $9.
- Plug’s Q1 revenue of $210.29 million beat consensus estimates, whereas EPS of $(0.35) missed the consensus estimate of $(0.26).
- Despite the 1Q topline beat, the analyst remains focused on the company’s ability to execute on ramping both electrolyzer sales & green H2 production volumes as the biggest factors to drive margins into positive territory.
- Given PLUG remains early-stage in the production of both segments, the analyst continues to see timing/execution risk to the company’s ambitious growth targets as exhibited with the delayed Georgia production initial electrolyzer manufacturing challenges.
- The company noted that its liquid green hydrogen plant in Georgia will continue to ramp towards production in the second quarter.
- While appreciating PLUG’s ambition to establish itself as a fully-integrated, one-stop shop for Hydrogen solutions, the analyst believes this carries substantial timing & execution risks, particularly for an industry still in its infancy.
- Price Action: PLUG shares are trading lower by 3.51% at $7.55 on the last check Thursday.
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