Plug Power Inc

PLUG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$3.80	Lkgx	Mfm

Plug Power: Focus Remains on Financing Plans, Clarity on Green Hydrogen Tax Credit

Brett Castelli

Oct 11, 2023

We maintain our $11.50 per share fair value estimate for no-moat Plug Power following its annual Plug Symposium. We see shares as undervalued and continue to view the company as a high-risk high-reward investment in the green hydrogen economy. Our focus remains on the company’s financing plans and final details of the hydrogen production tax credit in the U.S.

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