Plug Power price target lowered to 90c from $1.70 at Jefferies

Jefferies analyst Dushyant Ailani lowered the firm’s price target on Plug Power (PLUG) to 90c from $1.70 and keeps a Hold rating on the shares. The firm estimates Q2 revenue of $151M, versus consensus of $159M and guidance of $140-$180M, the analyst tells investors in a preview. The focus remains on managing liquidity, with management continuing to focus on breakeven gross margin by year-end, notes the analyst, who sees a “difficult path ahead, especially given the US IRA backdrop.”