HSBC lowered the firm’s price target on Plug Power to $8.50 from $9 and keeps a Buy rating on the shares. The company reported an “encouraging” Q4 when excluding non-cash charges, the analyst tells investors in a research note. The firm dropped the price target to reflect a higher share count. HSBC believes Plug could be at an inflection point with balance sheet concerns alleviated by a loan and ramping hydrogen production driving profitability.
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