Plug Power Inc

PLUG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$7.80	Zdnt	Xff

Plug Power Earnings: Continued Focus on Buildout of Hydrogen Plants and Scaling Manufacturing

Brett Castelli

May 10, 2023

We maintain our $14 per share fair value estimate for no-moat Plug Power following its first-quarter results. We continue to view shares as attractive for investors looking to capitalize on the growth potential of hydrogen, albeit with a high risk-reward (as underpinned by our Very High Uncertainty Rating).

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