Plug Power price target lowered to $6 from $9 at Evercore ISI

Evercore ISI lowered the firm’s price target on Plug Power to $6 from $9 and keeps an Outperform rating on the shares. While top-line growth and margins will be “somewhat subdued due to the macro backdrop and scaling of operations in 2024/2025,” the firm anticipates growth to accelerate and margins to expand in the second half of the decade and believes rapidly expanding end-markets – including data centers, BEV charging, green ammonia, steel, and methanol opportunities – along with improving cost structures and tax credits will meaningfully drive long-term sustainable growth, the analyst tells investors.