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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Morgan Stanley analysts <a aria-label="cut their price target (opens in a new tab)" href="https://www.streetinsider.com/Analyst+Comments/Plug+Power+shares+extend+losses+premarket%3B+Morgan+Stanley+slashes+price+target/22397494.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">cut the price target</a> for Plug Power’s (NASDAQ: PLUG) from $9 to $3.5 on Monday in the wake of the company’s <a href="https://tokenist.com/clean-energy-stocks-fall-after-plug-reports-q3-earnings/" rel="noopener noreferrer nofollow" class="deco-link">worrying Q3 report</a> that raised concerns about its ability to continue operating without new capital. Plug Power’s shares fell by 4.8% in Monday’s premarket, following a 40% crash on Friday.&nbsp;</p>
<h3 id="morgan-stanley-trims-plug-power-price-target-to-3-5">Morgan Stanley Trims Plug Power Price Target to $3.5</h3>
<p>Plug Power saw its stock price slide ahead of the market open on Monday after Morgan Stanley analysts reduced the price target for the <a href="https://tokenist.com/clean-energy-stocks-fall-after-plug-reports-q3-earnings/" rel="noopener noreferrer nofollow" class="deco-link">hydrogen fuel cell system</a> maker after it recently issued a <a aria-label="going concern warning (opens in a new tab)" href="https://www.seattletimes.com/business/going-concern-going-bust/#:~:text=An%20accounting%20term%20that%20often,it's%20almost%20always%20bad%20news." target="_blank" rel="noopener noreferrer nofollow" class="deco-link">going concern warning</a>. Shares fell more than 4.8% in the premarket.</p>
<p>In their note, strategists at Wall Street’s banking giant trimmed their price objective on Plug Power to $3.50 from $9.00, citing expectations that “valuation pressure will remain until the company, at a minimum, improves its liquidity position.” Additionally, Morgan Stanley added that the company must take decisive action to boost its gross margins, slash costs, and lower working capital needs to manage cash burn.&nbsp;</p>
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<h3 id="plug-power-s-going-concern-warning-sends-shares-to-3-5-year-low">Plug Power’s Going Concern Warning Sends Shares to 3.5-Year Low</h3>
<p>Morgan Stanley’s response comes just days after Plug Power issued a Q3 report, which rang alarm bells about the company’s financial health. The highlight of the report was the going concern warning, which signals significant doubt that the company can continue operating normally without securing additional capital and having to liquidate a portion of its assets.</p>
<p>Furthermore, the <a href="https://tokenist.com/despite-the-green-energy-boom-solar-stocks-are-not-doing-great/" rel="noopener noreferrer nofollow" class="deco-link">clean energy</a> company missed Q3 sales estimates by around $23 million and earnings per share expectations by about $0.16. The key driver of disappointing results was “unprecedented supply challenges,” Plug said, leading to hydrogen shortages. In addition, the firm continuously grappled with inflationary pressures.&nbsp;</p>
<p>Morgan Stanley analysts confirmed that the going concern warning indicated that Plug Power must raise fresh capital to remain afloat.&nbsp;</p>
<p>The quarterly report sent the stock plummeting by more than 40% on Friday to a 3.5-year low of $3.53. Currently, Plug’s shares are trading above an important support of $3.23. Losing this ground would pave the way for the stock to drop further to the next major support zone at around $2.5.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you think Plug Power will manage to secure fresh funding or is more likely to file for bankruptcy? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/morgan-stanley-analysts-lower-plug-power-pt-by-60/">Morgan Stanley Analysts Lower Plug Power PT by 60%</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Morgan Stanley Analysts Lower Plug Power PT by 60%

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