B.Riley Starts Ballard Power Systems (BLDP) at Buy, Sees 50% Upside from Yesterday Spot Close
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B.Riley analyst Christopher Souther initiates coverage on Ballard Power Systems (NASDAQ: BLDP) with a Buy rating and a price target of $30.00.
The analyst comments "We are initiating coverage of Ballard Power Systems Inc. (BLDP) with a Buy rating and a $30 price target. We see Ballard as best positioned in the fuel cell space for heavy-duty applications, where we are most bullish for the technology's prospects, and believe the company has the partners, capital, and experience to establish and maintain its leading market position. Management sees an ~$130B addressable market by 2030 developing in its core bus, truck, rail, and marine end markets, and we see strong potential for the company and fuel cell technologies to gain a meaningful share. Our $30 PT is based on a 15x EV/sales multiple on our 2024E for Ballard's main business, as well as 7.5x EV/sales for our estimates of the company’s JV with Weichai in China."
Shares of Ballard Power Systems closed at $20.63 yesterday.
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