Truist Securities analyst Jordan Levy reiterated the Hold rating on Plug Power, Inc. (NASDAQ:PLUG), lowering the forecast to $3 from $6.
Per the analyst, PLUG’s stock has seen a rocky 2023, with shares down 64% vs. S&P 500 +24%, owing to numerous delays to the company’s hydrogen production facilities.
The company has also been hit by 2Q issues with electrolyzer production rollout that have been exacerbated by a continuing significant outspend, causing the company to include going concern language in its most recent 10-Q filing.
Looking to the fourth quarter, the analyst sees the onus on management ...