Even though Plug Power (PLUG -5.17%) just had its price target slashed on Wall Street by almost 30%, the target still implies the hydrogen fuel cell provider can double in value from where it currently trades.

While calling Plug a "compelling growth story," B. Riley analyst Christopher Souther cut his price outlook for the stock from $70 per share to $50 after the fuel cell maker completed the restatement of its financials.

Plug Power powered forklift

A Plug Power forklift. Image source: Plug Power.

In a research note to investors, Souther said because there was no impact to Plug Power's operations, any of the commercial agreements it signed, or even its cash position, the focus of the stock could again return to its business.

Plug restated its financials because it and its auditor KPMG discovered it made several accounting errors, including for the book value of right of use assets, service contract loss accruals, impairment of certain long-lived assets, and how it classified certain costs, such as those for research and development.

Shares of the fuel cell provider had already been falling after soaring in January from around $30 per share to over $70, but the restatement disclosure caused Plug's stock to fall further, and it is down over 27% in 2021. Still, shares remain up 500% over the past 12 months.

Souther says that with the restatement overhang behind it, how Plug's business fares is central once more. That means he thinks the stock is worth $50 now; with Plug Power trading at just under $25 a share, that's a double from here.