UPDATE: Wells Fargo Starts Ballard Power Systems (BLDP) at Equal Weight
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Wells Fargo analyst Praneeth Satish initiates coverage on Ballard Power Systems (NASDAQ: BLDP) with a Equalweight rating, PT $26.00.
The analyst comments "We’re initiating coverage of BLDP with an Equal Weight rating and price target of $26/share, based on a blend of a three stage DCF model, a target EV/EBITDA multiple (2025E) of 60x, and a target EV/sales multiple (2022E) of 23.5x. BLDP has a leading market presence in the fuel cell bus market with the potential for additional growth assuming wide scale adoption of hydrogen fuel cells in other end-use markets including heavy- and medium-duty trucks, rail, and marine. However, with the stock trading at ~57x 2025E EBITDA, we believe much of the potential growth from hydrogen commercialization is already reflected in the valuation."
Shares of Ballard Power Systems closed at $21.42 yesterday.
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