Analyst Amit Dayal from H.C. Wainwright maintained a Buy rating on Plug Power (PLUG – Research Report) and decreased the price target to $3.00 from $5.00.
Amit Dayal has given his Buy rating due to a combination of factors that suggest potential for Plug Power’s stock despite some challenges. The company is focusing on improving its cash flow by reducing annual expenses by $150-200 million, which is expected to enhance financial discipline and potentially lead to better-than-expected results in the coming quarters.
Dayal acknowledges the current challenges, such as lowered revenue expectations for 2025 and an uncertain regulatory environment, but believes that the company’s strategic focus on key revenue drivers like material handling, electrolyzers, and hydrogen generation and distribution could bolster its financial performance. The positive market reaction to the company’s strategic plans indicates investor confidence in its ability to navigate these challenges effectively.