Plug Power downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Andrew Percoco downgraded Plug Power to Equal Weight from Overweight with a price target of $15, down from $35, offering 28% upside. The analyst continues to like the company’s strategy to vertically integrate the green hydrogen ecosystem. However, after several quarters of execution issues, the firm is "getting more cautious" on the pace of Plug’s revenue growth and margin improvement. It also sees potential near-term financing risks given the company’s continued elevated levels of cash burn.