Citi Reiterates Sell Rating on Plug Power (PLUG), PT $1.50

Citi analyst Vikram Bagri reiterated a Sell rating and $1.50 price target on Plug Power (NASDAQ: PLUG).

The analyst comments "After market, as anticipated (see note), PLUG announced it has closed its $1.66B loan guarantee from the DOE’s Loan Programs Office. This culminates a process that started more than three years ago and which was widely anticipated. PLUG will use the funds to help finance the construction of up to six green hydrogen projects with TX (~45TPD) being the first, which may come online in late 2026, provided delays that affected GA plant commissioning are avoided. Notably, the TX plant should have a low cost of H2 production (15y PPA signed at attractive rates) and should benefit from PTC given wind power generation. That said, until TX comes online, PLUG will carry the cost of debt on its BS and will need additional cash for operations, based on our estimates. Maintain Sell / High Risk."

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 $2.74 yesterday.

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