Plug Power price target lowered to $2.50 from $2.90 at Piper Sandler

Piper Sandler lowered the firm’s price target on Plug Power to $2.50 from $2.90 and keeps an Underweight rating on the shares. The company reported “worse than expected” results, with revenue missing consensus, the analyst tells investors. Additionally, the firm expects 2024 revenues to decline due to the reset within materials handling. While Piper sees a positive catalyst on the DOE front that can drive a short-term squeeze, the firm continues to expect continued cash burn in the next few years.