FBR Remains Positive on Ballard Power (BLDP) Amid New VW/Audi Purchase Orders

September 27, 2016 7:35 AM EDT
Get Alerts BLDP Hot Sheet
Price: $1.86 --0%

Rating Summary:
    6 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 16 | Down: 20 | New: 18
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FBR & Co. affirms Ballard Power (Nasdaq: BLDP) at Outperform with a price target of $3 following news of accelerated work with Audi/VW.

The firm commented, On September 26, after the market close, Ballard disclosed it had received purchase orders, for an undisclosed amount, to accelerate fuel cell stack development work for an automotive application with Volkswagen. We believe the design acceleration is to speed delivery of a light-duty fuel cell electric vehicle. Volkswagen recently transferred all of its fuel cell design work to its Audi brand. The scope of the accelerated work includes reconfiguring the current fuel cell stacks Ballard has been designing as well as accelerating development of a next-generation fuel cell stack. We view the accelerated work positively, and it should have a modest positive impact on both 2016E and 2017E revenue, but it is hard to quantify the exact financial impact for Ballard.

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