Roth Capital analyst Craig Irwin weighed in on Ballard Power Systems Inc. (USA) (NASDAQ:BLDP), after the Canadian cleantech firm hosted investor meetings with CFO Tony Guglielmin at the Dorchester in London.
Irwin noted, “Our key takeaways are that the company is facing an impressive pipeline that should support much improved growth visibility for 2017 and 2018. We continue to see the near-term focus on execution, where we believe the management team is on track to meet the $20m+ in annualized revenue breakeven, while maintaining the strictest balance sheet controls.”
“Chinese bus programs remain an important opportunity, where indications of a total spend in one program of ~$400m helps explain the protracted timeline for much anticipated awards. We believe the company has a couple large customers where initial orders could be booked this summer. Buses for both Japan ahead of the 2020 Olympics, and for Korean fuel cell initiative, should both present an attractive opportunity for Ballard,” the analyst continued.
Irwin rates Ballard Power shares a Buy with a $2.00 price target.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Craig Irwin has a yearly average return of -8.9% and a 30% success rate. Irwin has a -3.7% average loss when recommending BLDP, and is ranked #3774 out of 3990 analysts.
Out of the 4 analysts polled by TipRanks, 2 rate Ballard Power stock a Buy, while 2 rate the stock a Hold. With a return potential of 39.1%, the stock’s consensus target price stands at $1.85.