Roth Capital analyst Matt Koranda reiterated a Buy rating on Ballard Power (NASDAQ:BLDP) and reduced his price target to $2.50 (from $3.50), which still represents a potential upside of 37% from where the stock is currently trading. The report follows the termination of the company’s two licensing agreements with its partner in China, Azure.

Koranda observed, “We view this announcement primarily as a near-term setback given the negative anticipated impact on BLDP’s Q4 results. We don’t believe the termination of BLDP’s Azure relationship will generate a material negative impact over the long-run, however, as we had not estimated substantial commercial product revenue in our model from Azure during 2015 or 2016.”

The analyst concluded, “We maintain our Buy rating on BLDP as we continue to believe the company is well-positioned to capitalize on the long-term secular shift toward low-emissions power generation technologies.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Matt Koranda has a total average return of -4.3% and a 33.3% success rate. Koranda is ranked #2964 out of 3427 analysts.