Piper Sandler lowered the firm’s price target on Plug Power (PLUG) to $1.10 from $1.40 and keeps an Underweight rating on the shares. The firm notes Plug missed Q4 expectations due to several factors and another inventory write-down though Q4 cash burn was less severe than anticipated. Piper further points out that Q1 revenue guidance missed and implied full year revenue guidance also missed assuming Q1 equals 15%-20% of full year.
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