Plug Power downgraded to Underweight at Piper Sandler on financing risk

As previously reported, Piper Sandler downgraded Plug Power to Underweight from Neutral with a price target of $2.30, down from $6.50. The firm, which thinks the U.S. green hydrogen industry will struggle to capture the full benefit of the IRA credits and suspects stricter interpretations may stymie investments resulting in the larger market opportunities, downgrades Plug Power to Underweight given financing risk.