Jefferies Lowers Plug Power Price Target, Maintains Hold Rating

Jefferies lowered its price target on Plug Power (NASDAQ:PLUG) to $1.80 from $2.00 while maintaining a Hold rating. Shares declined more than 1% intra-day Monday.

The firm said Plug Power reiterated its expectation of reaching positive EBITDA in 2026, though the analyst characterized the outlook as a “show-me” story that will require further execution.

While the company’s achievement of positive gross margin in the fourth quarter of 2025 represented a positive milestone, Jefferies noted that the result included certain one-time benefits.

Plug reported a liquidity position of $368 million and expects to generate an additional $275 million through asset monetization this year, which management said has improved the company’s liquidity outlook.

Looking ahead, Jefferies expects the material handling and electrolyzer segments to serve as primary growth drivers in 2026 but said investors will need clearer evidence of sustainable margin expansion before becoming more constructive on the stock. The firm maintained its Hold rating.