Shares of Plug Power (NASDAQ:PLUG) plunged today after issuing guidance that investors were not pleased with. Due to supply chain issues and the timing of projects, the company now expects revenue growth in the range of 45%-50% in Fiscal Year 2022. For reference, the previous forecast was for 80% growth.
Looking ahead to 2023, management expects revenue to come in at $1.4 billion, higher than the $1.374 billion that analysts are looking for. However, given that the macroeconomic environment is expected to deteriorate, it’s possible that Plug Power might have to lower its forecast for 2023.
Overall, Wall Street analysts have a consensus price target of $27.56 on PLUG stock, implying 80% upside potential, as indicated by the graphic above.