![]() Analysts at Wells Fargo and Morgan Stanley are even more circumspect, assigning price targets of $4 and $3.50, respectively. Like Bagri, UBS analyst Manav Gupta also has a $5 target, though it reflects a steeper cut from a prior price target of $15.50. But the pros aren't as hopeful nowadays.Īfter the company reported its Q3 2023 financial results, Vikram Bagri, a Citigroup analyst, downgraded the stock to "neutral" from "buy" and slashed the price target to $5 from $12.50. Before that, in June 2022, one analyst at KeyBanc Capital Markets had set an even more auspicious $40 price target. This past July, two analysts had set price targets of $22 and $9. ![]() It wasn't so long ago when analysts expected big things from Plug Power. Even analysts have turned bearish on Plug Power's prospects In a 2023 investor presentation, Plug Power targeted 20 operating income margins of 17% and 20%, respectively.Įven more alarming in the Q3 2023 report is where management states that current circumstances "raise substantial doubt about the Company's ability to continue as a going concern." In other words, management isn't confident the company can continue to meet its financial obligations - something few prospective investors want to read. Similarly, the company had an equally robust view of its future profitability more recently. Specifically, it stated, "The Company expects to generate operating losses for the foreseeable future." That's a far cry from a 2021 investor presentation, when the company forecast a 2025 operating income margin of more than 17%. In Plug Power's third-quarter 2023 financial report, management had some stark words for investors. Now, however, those same investors have removed their rose-colored glasses in looking at the company's future. The company was growing revenue at a rapid clip, and management hinted that profitability would soon follow. The fuel cell company's future has taken a shocking turnįor years, bulls have held fast to the belief that Plug Power's success was just around the corner.
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