Shares of Plug Power (PLUG) plummeted 7.20% in intraday trading, following a significant price target cut by Morgan Stanley. The sharp decline comes as investors react to the lowered expectations for the hydrogen fuel cell company.

Morgan Stanley, a prominent Wall Street firm, reduced its price target for Plug Power from $1.60 to $1.25. This substantial 21.9% reduction in the price target has sparked concerns among investors about the company's near-term prospects and growth potential in the alternative energy sector.

The downward revision by Morgan Stanley could potentially impact investor confidence in Plug Power's ability to meet its financial and operational goals. As the hydrogen fuel cell market continues to evolve, this price target cut may prompt other analysts and investors to reassess their positions on Plug Power, potentially leading to further volatility in the stock's performance.