Plug Power downgraded to Neutral from Buy at BTIG

BTIG analyst Gregory Lewis downgraded Plug Power (PLUG) to Neutral from Buy. The company continues to take the necessary steps to extend its liquidity runway as it waits for hydrogen order momentum to accelerate, but while global hydrogen demand continues to grow, the slope of that growth continues to be lower than expected, the analyst tells investors in a research note. The firm adds that Plug Power’s product offering is well positioned for the global hydrogen buildout and its downgrade is a function of demand and more product sales that are needed to improve margins being pushed out.