Piper Sandler analyst Kashy Harrison reiterated the Underweight rating on Plug Power, Inc. (NASDAQ:PLUG), slightly raising the forecast to $2.90 from $2.80.
While the analyst sees positive catalysts for Plug Power in the near term, beyond near-term catalysts, Harrison projects “another challenged financial year.”
Specifically, Harrison models decline due to a potential reset within material handling (both revenues/margins), given the transition toward direct purchase.
The analyst still forecasts negative FY24 fuel margins due to legacy contracts (expect PPAs/service to also be negative).
According to the analyst, Plug Power’s unres cash burn (funded via ATM) should improve year over ...