Roth Affirms Ballard Power (BLDP) at 'Buy'; Expects Inline Q2; Growth Trajectory Continues Firming

Roth Capital affirms Ballard Power Systems (Nasdaq: BLDP) with a Buy rating and $2 price target into the company's Q2 report.

Analyst Craig Irwin commented today, We see longer-term growth visibility as firming nicely following Ballard's recent JV announcement with Synergy which supports over $150m in MEA revenue through 2021. We believe there are additional large-size contracts Ballard could capture this year, and will look for an update on pipeline progress on the earnings call. We see Ballard as a leader in the fuel cell industry, with one of the most diversified product portfolios, and well positioned to execute on a broadening slate of projects.

Irwin sees Q2 results inline with consensus expectations. We forecast 2Q16 Rev/EPS of $18.5m/($0.05) vs. consensus estimates at $18.3m/($0.04), respectively. We model adjusted EBITDA of ($7.0m), and only modest cash consumption. Given Ballard's status as an emerging growth company we do not view quarterly results as particularly meaningful, and expect investors will more heavily weigh both booked orders and the management team's commentary around pipeline progress.

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

You May Also Be Interested In

• FirstEnergy Corp. (FE) PT Raised to $35 at BofA Securities
• Morgan Stanley Comments on Sherwin-Williams (SHW) Earnings
• Philip Morris (PM) beats Q1 earnings, revenue estimates; issues upbeat guidance