Roth Capital Confident in Improving FY17 Visibility for Ballard Power (BLDP); Reaffirms at 'Buy'
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Roth Capital reaffirms its Buy rating and $3 price target on Ballard Power (Nasdaq: BLDP) following Q3 results reported this week.
Analyst Craig Irwin commented today:
Ballard posted 3Q16 EPS in-line with our model, with light revenue offset by tight expense controls and robust gross margins. The company provided strong commentary on 4Q16 and management is clearly excited about the opportunity in China after closing the Synergy JV for fuel cell stack production and progress with Broad-Ocean. We expect visibility for 2017 revenue to continue improving, and reiterate our Buy rating.
On Ballard's pipeline:
While the company doesn't provide specific financial guidance, Ballard expects meaningful revenue growth in 4Q, driven by tech solutions and HD motive, with the outlook for strong margins given mix and manufacturing efficiency. We note that Ballard's long-term target remains in the 30% range and its EBITDA break-even level remains ~$30m in revenue a quarter.
FY17 revenue estimate moves from $103.2 million to $103.6 million and loss from $0.09 per share to $0.08 per share.
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