BMO Capital lowered the firm’s price target on Plug Power to $3.75 from $8.00 and keeps a Market Perform rating on the shares. The analyst states that the firm has pointed to the company’s balance sheet being under stress and the need for external financing, with concerns now ratcheted up significantly with the new disclosure in Q3 10-Q regarding Plug Power’s “going concern risk”. BMO adds that it is trying to bridge the management’s ongoing commitment to multi-faceted growth and its confidence on financing options.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on PLUG:
- “Going Concern” Warning Sends Plug Power (NASDAQ:PLUG) Plummeting
- Plug Power Stock (NASDAQ:PLUG): Mounting Losses Trigger Rating Downgrades
- Plug Power price target lowered to $9 from $13 at Susquehanna
- Plug Power price target lowered to $11 from $14 at BTIG
- Plug Power downgraded to Market Perform from Outperform at Northland