Analyst Cautions On Plug Power And SunPower, Flags Financing Concerns, Slow Recovery
Portfolio Pulse from Nabaparna Bhattacharya
Susquehanna analyst Biju Perincheril downgraded Plug Power Inc (PLUG) and SunPower Corporation (SPWR), citing financing concerns and slow recovery respectively. PLUG was downgraded to Neutral with a price target of $4.50 due to delays in green hydrogen production facility buildout and securing funding, leading to reduced revenue and EPS forecasts. SPWR was downgraded to Neutral with a price target of $4.00 due to slow recovery in California and financial position concerns, resulting in lowered customer additions and EBITDA forecasts. PLUG shares fell by 7.30% and SPWR shares by 8.10%.
January 11, 2024 | 8:34 pm
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NEGATIVE IMPACT
Plug Power downgraded to Neutral with a price target cut to $4.50 from $9.00 by Susquehanna due to delays in facility buildout and funding issues, leading to lower revenue and EPS forecasts.
The downgrade by a prominent analyst due to significant operational delays and funding concerns is likely to negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
SunPower downgraded to Neutral with a price target cut to $4.00 from $5.50 by Susquehanna due to a slow recovery in California and financial position concerns, leading to reduced customer additions and EBITDA forecasts.
The downgrade reflects concerns over the company's recovery pace and financial position, which could dampen investor confidence and pressure the stock price in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100