Plug Power price target lowered to $2.25 from $2.50 at Canaccord

Canaccord lowered the firm’s price target on Plug Power (PLUG) to $2.25 from $2.50 and keeps a Hold rating on the shares. The firm said the company continues to manage through a series of business model changes, balance sheet challenges, and, now, administration changes in Washington. The quarter and guidance for 4Q24 were generally weaker than expected but included some margin improvement and a new $200M convert to help near-term cash needs.