Plug Power price target raised to $4 from $3 at Truist

Truist analyst Jordan Levy raised the firm’s price target on Plug Power to $4 from $3 and keeps a Hold rating on the shares. Plug continues to face several difficult challenges as the company looks to crack down on cash burn, though shares have rallied nearly 30% since the company’s January 23 annual update, which the firm attributes to “perceived optimism surrounding a DoE loan facility” and initial volumes out of Georgia. The firm still sees “another big cash burn” quarter upcoming with “minimal tangible evidence for a step-change improvement” in the coming quarters and ultimately expects continued margin headwinds to keep shares range bound, the analyst tells investors.