Plug Power shares are trading lower after Citigroup downgraded the stock from Buy to Neutral and lowered its price target from $12.5 to $5.
Portfolio Pulse from Benzinga Newsdesk
Plug Power's stock (PLUG) trades lower following a downgrade by Citigroup from Buy to Neutral, with a reduced price target from $12.5 to $5.
November 16, 2023 | 5:24 pm
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NEGATIVE IMPACT
Citigroup downgraded Plug Power from Buy to Neutral and lowered the price target from $12.5 to $5, indicating a bearish outlook on the stock.
Analyst downgrades typically lead to a negative short-term reaction in the stock market as they suggest a less favorable outlook for the company's future performance. The substantial reduction in the price target further emphasizes a bearish sentiment, which can lead to a decrease in investor confidence and a potential drop in the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100