How will Plug Power deal with the “Big Beautiful Bill”?

The so-called “Big Beautiful Bill” may not be beautiful for some, but it might not be the worst thing for Plug Power (Plug Power Stock Quote, Chart, News, Analysts, Financials NASDAQ:PLUG).

Roth analyst Craig Irwin said a recent update from the company revealed some surprisingly positive aspects.

“Plug hosted an update call to discuss policy details from BBB, specifically to underline how Section 48E details were a positive surprise,” Irwin wrote in a July 8th update on the company. “Updated 48E terms allow a full 30% ITC for qualified FC property that starts construction between 2026 and 2032, and does this without any zero-emission requirements or restrictions on foreign components, presenting a clean and workable credit while competing technologies face more stringent requirements. We are cautiously optimistic that this could help support a positive inflection in FC forklift demand in 2025.”

The analyst reiterated his “Buy” rating and price target of $3.50 on PLUG. He thinks the company will post and EBITDA loss$350.0-million on revenue of $700.0-million in fiscal 2025.

“We maintain our $3.50 target using a 5x multiple on ’25E revenue of $700m. We see a 5x P/sales multiple as fair given the successful generation of Green Hydrogen PTC in Georgia and improving visibility on 2H25 gross margin gains,” Irwin added.