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Plug Power 'Repositioning The Business To Drive Higher Margins,' Analyst Says: Breakeven 'Seems Even Farther Away'

Benzinga ·  May 11 00:05

Plug Power Inc(NASDAQ:PLUG) shares tanked in early trading on Friday, after the company reported disappointing results for the first quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

Piper Sandler

AnalystKashy Harrisonmaintained an Underweight rating while reducing the price target from $2.90 to $2.50.

Plug Power reported a 43% year-on-year decline in first-quarter revenues, missing expectations "due to timing of electrolyzer site commissioning" and these revenues are expected to accrue in the second quarter, Harrison said in a note.

Management indicated second-quarter revenues are likely to be in line...

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