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So What's Up With Plug Power And FuelCell Getting Hammered Today?

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So What's Up With Plug Power And FuelCell Getting Hammered Today?

There’s no company-specific news to speak of for Plug Power Inc (NASDAQ: PLUG) and FuelCell Energy Inc (NASDAQ: FCEL) Thursday, and yet both stocks are getting hammered. Why is that?

On Monday, Morgan Stanley downgraded Plug Power from Overweight to Equal-Weight and announced a $35 price target. 

Plug and FuelCell have seen marked weakness since the Morgan Stanley downgrade, and are down again Thursday by 12% and 14%, respectively.

See also: How to Buy Plug Power (PLUG) Stock

The continued weakness in both clean energy manufacturing names could be related to continued negative sentiment related to the downgrade. According to Morgan Stanley, the Plug Power stock price already reflects a significant portion of the company's expected rapid growth. 

Despite the downgrade, however, Morgan Stanley added that Plug Power’s product advantages, strong balance sheet, and strategic partnerships position the company well for the transition to a hydrogen economy.

 

Related Articles (FCEL + PLUG)

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