Plug Power (PLUG) PT Lowered to $25 at Jefferies

Jefferies analyst Sam Burwell lowered the price target on Plug Power (NASDAQ: PLUG) to $25.00 (from $28.00) while maintaining a Buy rating.

The analyst commented, "PLUG's underperformance in the wake of Wednesday's Symposium was driven in our view by 1) weaker than expected gross margin guidance and 2) higher than expected capital intensity in green hydrogen. These factors trumped the solid LT revenue targets since we believe PLUG's growth potential is already well understood by the market. Focus is now much more on executing the margin improvements required to move toward cash flow breakeven and profitability."

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