Seaport Global Securities analysts revised their rating for Plug Power (NASDAQ:PLUG) from Buy to Neutral, citing the slower evolution and less favorable policy environment of the clean hydrogen market. As a consequence, the company’s shares dropped more than 3% pre-market on Tuesday.

The valuation now strikes a balanced risk-reward profile as Plug Power aims to gather needed capital, diminish its cash burn, and bolster its margins. The analysts intend to remain on the sidelines until there’s a noticeable pickup in clean hydrogen adoption or Plug Power is on the brink of profitability.

Based on consensus estimates for 2024 and 2025, Plug Power’s enterprise value-to-sales ratios stand at 2.2x and 1.5x, respectively, showing a roughly 30% premium over the valuations of its competitors in the fuel cell and hydrogen technology sectors.

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