TD Securities downgraded Plug Power from Buy to Hold and cut the price target to $2 from $4. They cited uncertainty around demand and execution risks, specifically noting that the ramp-up in electrolyzers is taking longer than expected. The analysts admitted they've been on the wrong side of the trade for a while and are moving to the sidelines. They highlighted concerns about cash flow and noted that unit sales for material handling declined in the first nine months of 2025. Plug Power also called a shareholder meeting to double authorized shares. Management indicated they would pursue a reverse stock split if the proposal isn't approved, which TD sees as a likely negative.