Plug Power at $1.90? Why TD Cowen Says BUY (Price Target $4.00)PLUG STOCK ANALYSIS PLUG STOCK NEWS
Автор: The Opening Bell Report
Загружено: 2025-11-19
Просмотров: 49
Описание: As of November 20, 2025, TD Cowen analyst Jeffrey Osborne maintained a "Buy" rating on Plug Power with a new price target of $4.00—lowered from $4.50 but still suggesting an implied upside of +110% from the current price of ~$1.90 based on a 5.0x estimated 2027 EV/Sales valuation. The bullish thesis relies on "Project Quantum Leap," a strategic restructuring shifting focus from "growth at all costs" to "profitable growth" (specifically in Material Handling and Electrolyzers), aiming for gross margin neutrality by the end of 2025 and positive EBITDAS by the second half of 2026; this is supported by Q3 2025 data showing improved adjusted gross margins and GenEco Electrolyzer revenue hitting $65 million, up 46% quarter-over-quarter and 13% year-over-year. However, the market remains skeptical as the stock crashed ~11% on November 19 due to a $375 million convertible note offering which, while strategically swapping old 15% interest debentures for new 6.75% debt and setting a ~$3.00 conversion price that aligns lenders with shareholders, has sparked fears of dilution and liquidity since the capital is retiring debt rather than funding operations.
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