Truist Securities analyst Jordan Levy reiterated a Hold rating on Plug Power, Inc. (NASDAQ:PLUG) with an unchanged price target of $3.
Yesterday, the company said it plans to reduce annual operational expenses by $75 million through layoffs and supply chain optimizations. The company also plans to curtail discretionary spending and leverage automation to lower expenditures.
This mirrors management’s emphasis on cost reduction/cash burn control during the company’s recent annual update in January, with the firm targeting a 70% YoY reduction in cash burn during FY24, as the company previously stated going concern language in its recent third quarter ...