Analyst Note| Brett Castelli |
On Jan. 25, Plug Power held its annual guidance call and released preliminary revenue results for 2022. While Plug reiterated 2023 guidance, it expects 2022 revenue to come in roughly 20% below prior expectations. We maintain our $23 fair value estimate as we view the 2022 revenue miss as one-time and not indicative of a long-term trend. We view the shares as attractive for investors looking to capitalize on the growth potential of hydrogen, albeit with elevated volatility (Very High Uncertainty Rating). Our no-moat rating is unchanged.