Plug Power price target lowered to $4 from $5 at Evercore ISI

Evercore ISI lowered the firm’s price target on Plug Power (PLUG) to $4 from $5 and keeps an Outperform rating on the shares. While top-line growth and margins will be “somewhat subdued” due to the macro backdrop and scaling of operations in 2024 and 2025, the firm anticipates growth to accelerate and margins to expand in the second half of the decade as the business hits critical mass, the analyst tells investors.