{
  "docId": "019dd923-622c-750b-8b98-d3d87669988f",
  "docSlug": "e2fe4c87e4ef",
  "documentTitle": "Plug Power Inc. (PLUG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-19 00:00:00",
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  "pageNumber": 15,
  "pageCount": 40,
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  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Uses a table of analyst ratings alongside a screenshot of a prospectus supplement to visually link the $2.75 price target to the lead underwriter.",
  "elementsJson": [
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  "slideHref": "/slides/019dd923-622c-750b-8b98-d3d87669988f/15",
  "deckHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f",
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      "kind": "callout",
      "text": "The sell-side analyst at PLUG’s lead underwriter is effectively telling investors that there is no upside to the issuance as it is currently priced.",
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      "toolName": "Visual emphasis",
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      "kind": "image",
      "text": "PLUG Prospectus Supplement (Dec 2, 2019)",
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      "kind": "legend",
      "text": "Red boxes and arrows highlighting the link between the $2.75 price target and Morgan Stanley.",
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      "text": "Price Target: $2.75",
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      "kind": "paragraph",
      "text": "It’s little surprise to us that sell-side analysts are almost universally bullish on PLUG given the recent shift to positive EBITDA(S), however tenuous. Never, however, have we observed the analyst at a public company’s lead underwriter assign the stock a rating that might deter potential investors. And yet Morgan Stanley, the lead underwriter for PLUG’s equity issuance announced this Dec 2, currently rates the stock “equal-weight” assigns it a price target of $2.75 per share – over 10% below current levels, and, interestingly, equal to the per-share equity price of the issuance. The sell-side analyst at PLUG’s lead underwriter is effectively telling investors that there is no upside to the issuance as it is currently priced. Might he see assigning a “buy” rating to such a chatroom stock as a risk to his credibility?",
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      "kind": "table",
      "text": "Analyst ratings table showing Broker, Rating, and Price Target for various firms.",
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      "kind": "title",
      "text": "Apparent Inflection In Profitability Has Made Bulls Of Sell-Side Analysts – Except For One...",
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      "evidence": "Exposing a contradiction between the lead underwriter's valuation and the market's bullish sentiment.",
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