Roth Capital Downgrades Ballard Power Systems (BLDP) to Neutral, 'Shandong Appears Omitted from China Demo City List'

Roth Capital analyst Craig Irwin downgraded Ballard Power Systems (NASDAQ: BLDP) from Buy to Neutral with a price target of $15.00 (from $32.00).

The analyst comments "While this is not final, it appears that Shandong Province, where Weichai is based, has been left off the list of first Chinese fuel cell demonstration cities. That means it is likely Weichai/Ballard will have delayed access to the China fuel cell subsidies. This coincides with the large 1Q21 revenue miss driven by Weichai revenue down ($8.7m) or (65%) Y/Y. We would look to revisit our rating after Chinese fuel cell subsidies potentially start flowing to Ballard and its partners."

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

Shares of Ballard Power Systems closed at $16.52 yesterday.

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