Roth Capital Boosts FY16 Ests on Ballard Power (BLDP) Following Wins in China; Affirms at 'Buy'

Roth Capital affirms its Buy rating and $2 price target on Ballard Power Systems (Nasdaq: BLDP) after the company announced recent wins in China.

Analyst Matt Koranda offered the following thoughts: BLDP continues to follow through, in our view, on earlier commentary on its pipeline of opportunities in bus and tram within China. The combined two deals represent ~$23mn in heavy duty transport revenue from China, with potential recurring stack sales as well as royalty payments that could drive long term value. Recall that on 6/8/15, BLDP signed a $10mn deal to supply 33 fuel cell buses in China to Synergy and Zehe. Additionally, on 6/10/15, BLDP signed a framework agreement for fuel cell module development for trams in China with Tangshan Railway Vehicle Company (TRC).

The firm now sees BLDP with FY16 revenue of $105.5 million (up from $83.3 million) and a loss of $0.11 per share (from a loss of $0.15 per share prior).

For an analyst ratings summary and ratings history on Ballard Power Systems click here. For more ratings news on Ballard Power Systems click here.

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