Craig-Hallum lowered the firm’s price target on Plug Power to $5 from $6 and keeps a Buy rating on the shares. The firm says “there was little drama” in Plug Power’s Q4 report given the expectation for a challenging quarter with revenues already pre-announced lower and gross margin weakness having a meaningful impact. Craig-Hallum believes Plug must now demonstrate success in its gross margin enhancement goals with a path to eventual profitability, and balance sheet improvement.
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