Plug Power Inc

PLUG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$6.60	Dyp	Cvp

Plug Power: We're Reducing Our Fair Value Estimate on Slower End Market Growth and Plant Delays

Brett Castelli

Apr 18, 2023

We lower our fair value estimate for no-moat Plug Power to $14 per share from $19 following a review of our financial expectations. The main drivers of our decreased valuation are reduced revenue growth and lower margins as we now expect a more protracted multiyear revenue and margin ramp.

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