Shares of Plug Power (PLUG) plummeted 5% during Wednesday's trading session, following a significant price target cut by Wells Fargo analysts. The move highlights growing concerns about the company's near-term prospects in the hydrogen fuel cell market.

Wells Fargo maintained its Equal-Weight rating on Plug Power but dramatically reduced its price target from $2 to $1. This 50% reduction in the expected value of the stock appears to have shaken investor confidence, contributing to the sharp decline in share price. The maintained Equal-Weight rating suggests that while the analysts see significant challenges ahead, they believe the stock is currently fairly valued at these lower levels.

Adding to the bearish sentiment, Piper Sandler reiterated its Underweight rating on Plug Power. While the details of Piper Sandler's analysis were not provided, the maintenance of an Underweight rating indicates a continued negative outlook on the stock's performance relative to the sector. These analyst actions collectively paint a challenging picture for Plug Power, leading to today's significant stock price decline as investors reassess their positions in light of the lowered expectations.