Plug Power (PLUG) PT Lowered to $3 at Canaccord Genuity
Canaccord Genuity analyst George Giankarikas lowered the price target on Plug Power (NASDAQ: PLUG) to $3.00 (from $4.00) while maintaining a Hold rating.
The analyst commented: "Similar to our thoughts after the last earnings report, we wonder out loud if we are closing in on a bottom. Management is attempting to focus on profitability — which is causing some near-term pain — but a positive step. Hydrogen production is ramping. We look to see finalization on the DOE loan facility to gain confidence in the company's funding path. We would also like to see final 45V hydrogen rules from Treasury to properly discern the true growth potential of the hydrogen market in the US. We reiterate our HOLD rating but are lowering our price target to $3 from $4 (using DCF) due to
estimate reductions."