BMO Capital Downgrades Ballard Power Systems (BLDP) to Underperform, 'Capital Markets Day Confirms Longer Road'

BMO Capital analyst Ameet Thakkar downgraded Ballard Power Systems (NASDAQ: BLDP) from Market Perform to Underperform with a price target of $4.25 (from $4.50).

The analyst comments "We are lowering our rating on BLDP to Underperform from Market Perform following the company’s Capital Markets Day. Our price target is now $4.25 ($4.50 previously). Our ratings change is in part tactical; BLPD shares have risen 24% since Friday’s close heading into today’s event and have outpaced its primary peers (BE/PLUG) by 19-23% ytd. However, today’s investor event also confirmed what we highlighted in our December initiation report of BLDP that the inflection to positive gross margins and EBITDA remain further out in time (2025 and 2028, respectively)."

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 $5.34 yesterday.

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