Barclays Downgrades Plug Power (PLUG) to Underweight on 'Fundamental Disconnect'

March 2, 2021 4:34 AM EST
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Price: $40.72 +2.18%

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    17 Buy, 6 Hold, 0 Sell

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(Updated - March 2, 2021 6:59 AM EST)

Barclays analyst Moses Sutton downgraded Plug Power (NASDAQ: PLUG) from Equalweight to Underweight with a price target of $29, citing a "fundamental disconnect."

Sutton said while there still may be some headline runway "we downgrade to UW as long-term potential reigns in,"

He added, "Since labeling PLUG the elder statesman of the budding hydrogen economyin our 6/2020 initiation, it's only proven truer and management's vision has been clairvoyant: integrating from electrolyzers to producing green hydrogen to supplying existing customers; pivoting to JVs to launch FC end markets (Renault) and enable int'l adoption (SK); and now, backup power. But the market's overpriced these ambitions."

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 $52.46 yesterday.

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