Plug Power price target lowered to $18 from $22 at Northland

Northland lowered the firm’s price target on Plug Power to $18 from $22 and keeps an Outperform rating on the shares after the company revised down its 2023 revenue guidance in conjunction with its fifth Annual Symposium. The firm expects margins to improve in the second half as the company cuts losses in its fuel sales business and focus shifts towards leveraging and optimizing the scale, adding that it expects compounding growth in 2024 and beyond with 2023 “being the inflection year for the company.”