Plug Power price target lowered to $10 from $12 at Truist

Truist analyst Jordan Levy lowered the firm’s price target on Plug Power to $10 from $12 and keeps a Hold rating on the shares. The company’s recent track record of overpromising and under-delivering on project timing and margin improvements continues to work against them, with the stock falling 16% following Plug Power’s earnings miss in spite of the revenue beat, the analyst tells investors in a research note. Truist adds that it lacks the confidence needed on profitability improvements to turn more positive on shares.