Ardour Capital Downgrades Ballard Power Systems (BLDP) to Hold; Delays Continue to Hamper
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Price: $2.31 +0.87%
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 8 | New: 13
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 8 | New: 13
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Ardour Capital downgraded Ballard Power Systems (NASDAQ: BLDP) from Buy to Hold with a price target of $1.75.
Ardour analyst said, "BLDP revenue missed estimates due to delays in bus order timing. However, the delay in shipments positively impacted the order book boosting it to $45.3m. In FY11, gross margins increased to 18% however 4Q11 gross margins fell to 20% from 24.2% realized in 4Q10. We look for margin improvements in 2H12 as bus module delays are resolved and cost reductions continue to take hold. We expect modest growth in materials and backup power, as Dantherm makes progress in Europe, South Africa and India. We believe that the Fuel Cell Products segment will continue to be the primary growth driver assisted by increased sales in engineering services."
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 $1.68 yesterday.
Ardour analyst said, "BLDP revenue missed estimates due to delays in bus order timing. However, the delay in shipments positively impacted the order book boosting it to $45.3m. In FY11, gross margins increased to 18% however 4Q11 gross margins fell to 20% from 24.2% realized in 4Q10. We look for margin improvements in 2H12 as bus module delays are resolved and cost reductions continue to take hold. We expect modest growth in materials and backup power, as Dantherm makes progress in Europe, South Africa and India. We believe that the Fuel Cell Products segment will continue to be the primary growth driver assisted by increased sales in engineering services."
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 $1.68 yesterday.
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