Plug Power price target lowered to $3 from $4 at Canaccord

Canaccord lowered the firm’s price target on Plug Power to $3 from $4 and keeps a Hold rating on the shares. The firm said 1Q24 results were weaker than recently revised estimates as the company works through new pricing structures in and a “recalibration of” its materials handling business. Underneath the surface though, on a positive note, the Georgia and Tennessee hydrogen production plants have now produced at nameplate capacity with the Louisiana facility on the way this year.