Roth Capital Cuts PT on Plug Power (PLUG) to $1.40; Sees ITC as Primary Upcoming Catalyst
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Roth Capital trims its price target on Neutral-rated Plug Power (Nasdaq: PLUG) from $1.75 down to $1.40, noting that ITC renewal remains the primary near-term catalyst for the stock.
The firm commented,
Potential remediation of the ITC remains an important catalyst. Management remains positive that an extension will happen by YE16 or early-2017 but acknowledges that becoming cash-flow positive could slip a year to 2018 if the supporting legislation is not renewed.
Bookings remain healthy, and Plug maintained its $275m 2016 bookings guidance, implying ~$105m 4Q16 bookings. Year-to-date, Plug booked $170m, ending 3Q16 with $317m in backlog. While bookings are down steeply from this time last year, Plug mgmt. says it has good visibility into the pipeline from its existing customer base, including Walmart, Sysco and Home Depot.
The Chinese MOU lifts revenue visibility for early 2017. The memorandum of understanding with Zhangjiagang Furui Special Equipment Co., LTD (Furui) and an unnamed leading Chinese industrial vehicle manufacturer is initially for 500 ProGen fuel cell engines to be delivered by March 2017, but has potential to be 13,500 units over time.
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