12:00 PM EDT, 05/13/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We decrease our 12-month target by $0.50 to $3.50 on an EV multiple of 2.9x our 2025 sales estimate vs. PLUG's trailing-12-month average forward EV/revenue of 2.8x and above its closest peer, which is trading at 1.3x forward sales. We widen our 2024 adj. loss per share estimate by $0.30 to -$1.20 and widen our 2025 loss per share forecast by $0.12 to -$0.49. PLUG posted a Q1 adj. loss per share of -$0.46 vs. a loss of -$0.35, $0.13 below consensus; Q1 revenue decreased 43% Y/Y and missed consensus by 24%. We are optimistic that margins and cash burn will improve significantly by year-end 2024, driven by higher prices and operating scale. The production facilities in Georgia and Tennessee are running at full capacity, and the Louisiana plant should add 15 tons/day of liquid green hydrogen by the end of Q3. PLUG plans on building six additional hydrogen plants across the U.S. Equipment margins were weak in Q1, but we expect restructuring and a ramp in volume to drive sequential margin expansion for equipment.