Jeff Osborne, an analyst from TD Cowen, maintained the Buy rating on Plug Power. The associated price target was raised to $4.50.
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Jeff Osborne’s rating is based on several strategic initiatives that Plug Power is undertaking to enhance its profitability. The company is focusing on cost reduction and scaling its operations, particularly in the areas of electrolyzers and material handling, which are seen as key drivers for near-term growth. The management’s commitment to these areas, along with a robust pipeline for electrolyzers, provides a compelling growth outlook.
Furthermore, Plug Power’s efforts in cost management, including significant reductions in headcount and manufacturing consolidation, are expected to support margin recovery. The recent commissioning of a hydrogen plant in Louisiana has allowed the company to reduce capital expenditures, suggesting a more efficient use of resources. These factors contribute to Osborne’s confidence in the company’s path to profitability, justifying the Buy rating and an increased price target.