JPMorgan withdrew the firm’s price target for Plug Power shares while keeping a Neutral rating on the name. The analyst expects a slower fuel margin turnaround for Plug given strict initial 45V tax credit guidance. This could challenge project-level economics, and Plug Power has a “constrained” balance sheet that will likely require tapping into dilutive capital sources over the next few quarters considering limited visibility on the timing and size of a potential Department of Energy loan, the analyst tells investors in a research note. The firm says additional clarity around Plug’s funding options and margin turnaround is needed.
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