Citi Downgrades Plug Power (PLUG) to Neutral, 'Turn Those Machines Back On'

Citi analyst Vikram Bagri downgraded Plug Power (NASDAQ: PLUG) from Buy to Neutral with a price target of $5.00 (from $12.50).

The analyst comments "We are downgrading PLUG to Neutral/High Risk. At the time of initiation, we had seen PLUG as a catalyst rich story with near term upside despite medium-term challenges. While the catalysts did not play out (GA commissioning, 45V clarification, H2 hubs, breakeven margins, strong sales growth), 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. The 45V PTC clarification, which was a potential catalyst, is now a much-needed lifeline, which could also pose insurmountable challenges if unfavorable. As such, risk/reward is in favor of a Neutral rating."

For an analyst ratings summary and ratings history on Plug Power click here. For more ratings news on Plug Power click here.

Shares of Plug Power closed at $4.35 yesterday.

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