Roth Capital Maintains Neutral On Plug Power As Q3 Results Were Largely Disappointing

In a research report published today, Roth Capital analyst Matt Koranda maintained a Neutral rating on Plug Power (NASDAQ:PLUG) with a $4 price target, following the company’s third-quarter results, posting revenues of $19.9mn vs. consensus of $24.4mn and ROTHe
of $24.0mn, driven primarily by lower-than-expected ASPs, which were the result of a greater mix of Class 3 product shipments to customers during Q3.

Koranda noted, “We remain on the sidelines until (1) we gain greater visibility into PLUG’s ability to achieve its 2015 revenue guidance ($120-130mn); (2) we see more fundamental improvements in PLUG’s GMs (both product and service); and (3) we see a clearer path to adjusted EBITDA breakeven and eventual net income profitability.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Matt Koranda has a total average return of 2.9% and a 47.1% success rate. Koranda is ranked #1743 out of 3369 analysts.

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