- Plug Power (PLUG +17.6%) has staged an impressive turnaround after opening with an 8% loss that took shares to a YTD low of $18.47.
- In the early going, investors seemed to focus on below-consensus Q1 and Q2 revenue guidance, overlooking newly-revealed clarity on the filing of its 10-K report, but sentiment swung in support of analyst focus on the "positive" 10-K.
- Evercore ISI's James West says the "weaker-than-expected" guidance is a non-issue since he is not valuing Plug on current results; the clarity around the 10-K filing is more important.
- "This update certainly helps to dissipate the shroud of uncertainty hanging over Plug shares since it announced it would restate its previously issued financial statements this past March," says West, who rates the stock at Outperform. "It is not a panacea but we believe it is incrementally positive news, which comes on the heels of a bruising selloff for clean energy sector equities."
- Plug also gets full support from Oppenheimer’s Colin Rusch, who believes the company is poised to benefit from the changing energy landscape.
- "Despite logistics and supply chain headwinds, Plug is navigating the details of its revenue ramp well and positioning itself to be the global leader in green hydrogen production," Rusch writes.
- Clean energy peers turned bright green alongside Plug, including FCEL +8.9%, BLDP +2.2%, BE +3.3%.