Overview
- Clear Street’s Tim Moore raised Plug Power to Buy and set a $3 price target, citing cost cuts and a path toward improved financials while warning of dilution from converts.
- Shares jumped more than 5% in early trading on Dec. 31 before easing to gains of around 2%–3% by mid-morning.
- Plug recently completed roughly $400 million in convertible-note refinancing to replace higher-cost debt, with management estimating about $20 million in annual interest savings and targeting positive EBITDA by late 2026.
- Recent execution highlights include a first liquid-hydrogen contract and deliveries for NASA, a 5‑MW PEM electrolyzer sale to Hy2gen’s Sunrhyse project in France, and a 5‑MW GenEco electrolyzer installation for Cleanergy Solutions Namibia.
- Risks remain prominent, including potential shareholder dilution and a long record of losses, with one Yahoo Finance columnist arguing profitability is unlikely before 2031 even as the company pursues a $200 million cost‑savings program.