Clear Street Upgrades Plug Power to Buy on Improved Risk-Reward

Font: Financial Modeling Prep  • Dec 31, 2025

Clear Street upgraded Plug Power (NASDAQ: PLUG) to Buy from Hold while lowering its price target to $3.00 from $3.50, reflecting dilution from recent financing.

The firm said the upgrade was driven by what it viewed as a more attractive upside opportunity following the stock’s recent decline, noting that the risk-reward profile appeared more compelling than when shares traded near $4.00 in early October.

Clear Street reduced its price target to account for dilution associated with a convertible refinancing completed in late November, net of cash proceeds, as well as a slightly lower valuation multiple applied to its 2027 sales forecast. The $3.00 target was based on a 4x EV-to-sales multiple applied to an estimated $1.07 billion in 2027 revenue, representing a modest premium to the company’s three-year historical average valuation.

The analyst said the premium was justified by cost savings realized in 2025, a lower annual cash burn rate, and improving opportunities for electrolyzer deployments at European refineries.