Roth Capital Affirms Ballard Power (BLDP) at 'Buy'; Says FY17 Fuel Cell Outlook is 'Robust'
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Roth Capital affirms Ballard Power Systems (Nasdaq: BLDP) at Buy with a price target of $3 after the firm attended the California Hydrogen Business Council's (CHBC) Fuel Cell Summit in Sacramento, Cali, recently.
Analyst Craig Irwin noted that Ballard Power offered a robust forecast on new fuel cell shipments. The analyst noted the following today:
- Ballard shared expectations for ~300 fuel cell bus shipments over the next 18 months, on top of 300 fuel cell buses fielded globally to date. We understand a large portion of this aggressive ramp is expected to come from demand in China, with healthy demand for deployments in the U.S, Canada, Japan, Europe, and South Korea.
- Recent visitors to Synergy shared details about their fuel cell production line, indicating full production is already achieved. Management from a large non-competitive company indicated they visited Synergy in the past month, sharing that they were impressed with the 18-month timeline for Synergy to have a fully developed 85-kWh fuel cell engine with production already online. Participants indicated the total cost of a Chinese fuel cell bus is around ~US$300k, vs. ~$1m for a U.S delivered bus, where this is not entirely comparable given NHTSA's more robust road worthiness requirements than in China.
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