FBR Remains Positive on Ballard Power (BLDP) Amid New VW/Audi Purchase Orders
Get Alerts BLDP Hot Sheet
Rating Summary:
6 Buy, 13 Hold, 3 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Join SI Premium – FREE
FBR & Co. affirms Ballard Power (Nasdaq: BLDP) at Outperform with a price target of $3 following news of accelerated work with Audi/VW.
The firm commented, On September 26, after the market close, Ballard disclosed it had received purchase orders, for an undisclosed amount, to accelerate fuel cell stack development work for an automotive application with Volkswagen. We believe the design acceleration is to speed delivery of a light-duty fuel cell electric vehicle. Volkswagen recently transferred all of its fuel cell design work to its Audi brand. The scope of the accelerated work includes reconfiguring the current fuel cell stacks Ballard has been designing as well as accelerating development of a next-generation fuel cell stack. We view the accelerated work positively, and it should have a modest positive impact on both 2016E and 2017E revenue, but it is hard to quantify the exact financial impact for Ballard.
For an analyst ratings summary and ratings history on Ballard Power Systems click here. For more ratings news on Ballard Power Systems click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Citi Upgrades United Microelectronics Corp (2303:TT) (UMC) to Buy 'with limited downside'
- Summit Insights Downgrades Silicon Labs (SLAB) to Hold, 'expect its stock to be an inline performer'
- BofA Securities Starts GE Vernova (GEV) at Neutral, 'Multiyear turnaround amid positive demand backdrop'
Create E-mail Alert Related Categories
Analyst CommentsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!