Plug Power price target lowered to $1.50 from $2 at Truist

Truist lowered the firm’s price target on Plug Power (PLUG) to $1.50 from $2 and keeps a Hold rating on the shares. The near-term prospects for the hydrogen market continue to go from bad to worse, but low expectations coupled with further announced cost reductions are driving shares higher following Q4 results, the analyst tells investors in a research note. Plug Power has made progress in driving down its outspend, but gross margins remain well into negative territory throughout 2025, causing further liquidity constraints that will likely need to be addressed via incremental equity issuances, the firm adds.