Truist Cuts Price Target For Three Alternative Energy Companies

Truist analyst Tristan Richardson lowered the price targets for three Alternative Energy companies.
Richardson noted a broad rotation out of growth equities has disproportionately impacted the sector's performance. While the upcoming Q4 earnings season could offer improved visibility to supply chain alleviation, residential demand is also "seemingly muted."
The analyst lowered Generac Holdings Inc's GNRC price target to $425 (an upside of 53.8%) from $500 and maintained a Buy rating on the shares.
The analyst reduced Ballard Power Systems Inc BLDP price target to $13 (an upside of 38.4%) from $18 and kept a Hold rating on the shares.
The analyst lowered Plug Power Inc's PLUG price target to $27 (an upside of 39%) from $44 and maintained a Hold rating on the shares.
Also Read: EXCLUSIVE: Plug Power's CEO On Stock Price, Competitive Advantages, 'Green Hydrogen' Strategy.
Price Action: GNRC shares are trading higher by 1.94% at $276.41, BLDP lower by 4.47% at $9.41, and PLUG lower by 7.60% at $19.46 on the last check Monday.