Plug Power price target lowered to 80c from $1.10 at Piper Sandler

Piper Sandler lowered the firm’s price target on Plug Power (PLUG) to 80c from $1.10 and keeps an Underweight rating on the shares. The firm highlights a relative improvement from Plug as revenues were in line with expectations for the first time since Q2 2023; margins were also in line. Cash burn remains high at $141M but did decline 47% year-over-year, Piper adds. Despite less severe cash burn than expected, the firm remains bearish as it struggles with the path to corporate profitability.