Plug Power just downgraded at Morgan Stanley, here’s why

Morgan Stanley downgraded Plug Power to Underweight from Equal Weight with a price target of $3, down from $3.50. Rising interest rates and renewable electricity prices leave green hydrogen economics increasingly reliant on subsidies, where visibility remains poor, the analyst tells investors in a research note. The firm says this could delay project pipelines and slow adoption. It cites liquidity concerns and worsening hydrogen economics for the downgrade of Plug Power.