Analysts at Cowen, on the other hand, said shares of Plug Power looked “oversold” on the news, and the share-price decline offered a “unique buying opportunity."
Jed Dorsheimer, analyst at Canaccord Genuity, held a similar view, maintaining his buy rating and $69 price target. He noted that the adjustments are related largely to the balance sheet.
"We held a subsequent call with PLUG management to clarify potential implications of restatements to existing contracts and, according to the team, the historical adjustments will have no impact on current commitments (or trigger walkaway rights)," Dorsheimer said.
As such, the analyst continued, "we are not adjusting our estimates."
B. Riley Securities analyst Christopher Souther said he saw the selloff as a buying opportunity and the news did not change the historical or future growth trajectory of Plug Power.
Souther, who reiterated his buy rating and $70 price target, said this is "another piece of accounting noise that has created an additional buying opportunity in the stock." |