Roth Capital Keeps Ballard Power (BLDP) at 'Buy' Amid New Audi Orders
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Roth Capital affirms Ballard Power (Nasdaq: BLDP) at Buy with a price target of $2.50 following new orders from Audi, as announced late Monday.
Analyst Craig Irwin commented today,
Ballard announced purchase orders from Audi to accelerate development under the long-term Technology Solutions agreement with the Volkswagen Group. While the engineering services contract scope appears unchanged, and the total size of the purchase order was not disclosed, we see the purchase orders as positive.
On the $2.50 price target:
Peers in the fuel cell industry currently trade at price to sales multiples of 2.4x and 3.3x on 2016 and 2017 respective estimates. We believe shares of Ballard deserve a premium for the company’s leadership position in PEM technology.
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