Plug Power Inc

PLUG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$2.50	Xdkd	Qrm

Plug Power: 2024 Focus Is on Reducing Cash Burn and Securing Financing

Brett Castelli

Jan 23, 2024

We've lowered our fair value estimate for no-moat Plug Power to $3.50 per share from $5 following the company's annual business update. The decreased valuation is driven by a lower revenue growth outlook, resulting in reduced operating leverage relative to our prior assumptions. We maintain our Extreme Uncertainty Rating as we continue to see a wide range of outcomes for the company, given constrained near-term liquidity. We view the shares as fairly valued.

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