Balanced View on Plug Power: Near-Term Margin Improvement Offset by Weak 2026 Outlook and Ongoing Structural Concerns

Jeff Osborne, an analyst from TD Cowen, maintained the Hold rating on Plug Power. The associated price target remains the same with $2.00.

Jeff Osborne has given his Hold rating due to a combination of factors balancing near‑term improvements with ongoing structural concerns. Plug Power achieved a modest positive gross margin in 4Q25 and slightly beat revenue and EPS expectations, but this was heavily aided by unusually strong service‑parts activity that is not guaranteed to repeat at the same scale.

At the same time, full‑year 2026 revenue guidance came in below market forecasts, and core material‑handling and electrolyzer sales lagged his projections while cash burn remained sizable. Although liquidity is expected to improve through asset monetizations and management maintained its profitability target for late 2026, the mixed quality of earnings and softer top‑line outlook argue against a more aggressive rating at this stage.

According to TipRanks, Osborne is a 3-star analyst with an average return of 2.5% and a 45.14% success rate. Osborne covers the Technology sector, focusing on stocks such as Enphase Energy, Nextpower Inc, and First Solar.