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Plug Power Has ‘Clear Path’ on Margin Improvement, Morgan Stanley Says -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — The Plug Power (NASDAQ:) Shares rose 1.9% Wednesday after a Tuesday drop of more than 5%.The company’s third quarter earnings forecasts were not met. 

Morgan StanleyStephen Byrd, a naysayer and analyst for Plug Power, told investors that Plug’s third-quarter revenue was slightly lower than his estimates. But, he stated that Plug Power’s latest acquisitions led him to be optimistic about the company’s revenue guidance.

Byrd indicated that “a very clear path is available to improve gross margins.” Plug’s fuel delivery and other service business transitions will cause additional margin pressure, Byrd stated.

At the moment, Byrd has an overrated rating on shares and a $43 target price. Byrd stated that he was reevaluating his targets and estimates due to “risks to the upside.”

Plug Power shares traded at around $41.51 by the end of the early morning.

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