Form 6-K Ballard Power Systems For: Oct 29
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Cowen Cuts PT on Ballard Power (BLDP) to $3; Q3 Results, Lowered Outlook Don't Bolster Confidence
October 30, 2014 10:55 AM EDTCowen and Company cut its price target on Ballard Power (Nasdaq: BLDP) from $4 to $3, but maintains a Market Perform rating following Q3 results.
Analyst Jeffrey Osborne commented:
Revenue Up 21% Y/Y, Below Projections; Guidance for FY14 Trimmed
Ballard showed Y/Y revenue growth of 21% to $20.6 million, despite falling slightly short of our and street estimates of $22.8 mn and $22.4 mn, respectively. Revenue by segment was as follows:
Telecom Backup - $6.3 mn, +60% Y/Y; 111 systems below 170 projection.Material... More