Why TD Cowen Is No Longer Bullish on Plug Power Inc. (PLUG)

Company Overview - Plug Power Inc. (NASDAQ:PLUG) is a New York-based developer of hydrogen fuel cell product solutions, founded in 1997, offering products such as GenDrive, GenSure, Progen, and GenFuel [4] Analyst Sentiment - Mixed analyst sentiment exists for Plug Power Inc., with 28% of analysts assigning a Buy rating and slightly more than half maintaining a cautious view as of January 21 [3] - The consensus 1-year median price target is $2.25, indicating about 1.35% upside potential [3] Recent Developments - TD Securities has reduced its price target for Plug Power Inc. from $4 to $2 and downgraded the stock from Buy to Hold, citing growing uncertainty around demand and execution risks [1] - TD Cowen expressed concerns regarding the slow ramp-up in electrolyzers and material handling, stating it has been "on the wrong side of the PLUG trade for some time" [2] - Despite expectations of gross margin improvement in 2026 and EBITDA breakeven in 2027, TD Cowen advises remaining on the sidelines due to unclear pathways to achieving positive free cash flow [2]