Plug Power (NASDAQ: PLUG) stock may have already lost two-thirds of its value over the past year, but one Wall Street analyst thinks there are further declines ahead. In a recent research note, stock analyst Vikram Bagri downgraded the hydrogen fuel company from a neutral to a sell rating.

The analyst also reduced his price target for Plug from $3.25 to $2 per share. That would represent another 36% drop for Plug stock, taking it to new multi-year lows. Let's learn more about his thinking.

For Bagri, it's all about the company's financial position. The analyst thinks Plug Power's "limited" liquidity, ongoing dilution from raising needed capital, cost structure, and even competition will continue to drive shares lower.

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Source Fool.com