UBS analyst Manav Gupta lowered the price target on Ballard Power Systems (NASDAQ: BLDP) to $2.15 (from $6.50) while maintaining a Neutral rating.

The analyst comments "Our price target is based on an EV/Sales multiple of 2.0x (lowered from 6.1x) applied to our 2027 sales estimate of $157M (revised from $180M), less net debt, less NCI, which equals $2.15/share. We lower our 2027 sales estimate slightly to reflect a more measured pace of project execution and customer adoption. We are lowering our target multiple to reflect updated peer group valuations (BE, FCEL, and PLUG) which have moved lower since mid-year. Excluding BE, peer average multiple is 3.7x. Our valuation is in line with the Street's 1.8x multiple for BLDP. No change has been made to our valuation methodology."