UPDATE: Wells Fargo Starts Ballard Power Systems (BLDP) at Equal Weight

April 19, 2021 4:09 PM EDT
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Price: $14.64 +5.86%

Rating Summary:
    9 Buy, 7 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 4 | New: 24
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(Updated - April 19, 2021 4:25 PM EDT)

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."

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 $21.42 yesterday.

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