Shares of Plug Power Inc. PLUG, -1.71% dropped 4.1% toward an 8 1/2-month low in premarket trading Monday,. after Truist analyst Tristan Richardson slashed his price target by nearly 40%, and cut his targets on several other alternative energy stocks, as a result of U.S. policy uncertainty and a broad rotation out of growth equities. For Plug, Richardson kept his rating at hold but cut his stock price target to $27 from $44. He said that while the alternative energy space tends to see seasonal strength around this time, the rising interest rate environment, which is making growth stocks less attractive, and risks associated with supply chain dynamics are also weighing on the sector. Plug’s stock has tumbled 35.6% over the past three months through Friday while the S&P 500 SPX, +0.28% has slipped 3.2%. Among some of the other stocks Richardson cut targets for, he lowered Ballard Power Systems Inc. BLDP, -0.51% to $13 from $18, SunPower Corp. SPWR, +5.79% to $20 from $35, Bloom Energy Corp. BE, +0.32% to $20 from $33 and Enphase Energy Inc. ENPH, +1.65% to $200 from $290.
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