Plug Power selloff on 'accounting noise' buying opportunity, says B. Riley - InvestingChannel

Plug Power selloff on ‘accounting noise’ buying opportunity, says B. Riley

B. Riley Securities analyst Christopher Souther views the selloff today in shares of Plug Power after the company announced that certain prior financial statements need to be restated due to accounting errors within its leasing business is a buying opportunity. The news does not change the historical or future growth trajectory of Plug Power, Souther tells investors in a research note. He believes this is “another piece of accounting noise that has created an additional buying opportunity in the stock.” The analyst reiterates a Buy rating on Plug Power with a $70 price target. The stock in premarket trading is down 17%, or $7.18, to $35.50.