Plug Power price target lowered to $2.50 from $3.50 at Susquehanna

Susquehanna lowered the firm’s price target on Plug Power (PLUG) to $2.50 from $3.50 and keeps a Neutral rating on the shares. The firm said the company reported 3Q results, with both revenue and EPS coming in behind firm estimates. The company continues to make progress on reducing its cash burn and expects to exit the year with breakeven gross margins. The electrolyzer business is expected to do ~$200M in FY’25 revenue and the pipeline for new orders remains healthy.