Shares of the hydrogen fuel cell company Plug Power (NASDAQ:PLUG) have been experiencing a decline of about 35% in August. The August 9 earnings report, which indicated Plug’s sales had risen by a robust 72%, also revealed losses that were 50% worse than what analysts had expected – a factor that contributed to the decline in the company’s stock.
However, one analyst isn’t ready to give up on Plug just yet. In a recent note, Jefferies’ Dushyant Ailani took over coverage of Plug Power for the investment banker. And while Ailani trimmed Jefferies’ price target for Plug stock from $16 to just $12 a share, the analyst nonetheless maintained Jefferies’ “buy” rating on Plug.
This makes sense as if Ailani believes the stock is worth $12 per share, it could still yield a potential profit of 40% from current levels, assuming the analyst is accurate about Plug stock’s value.
But is $12 the correct price?
Well,…
2023-09-01 14:57:43
Post from finance.yahoo.com