Roth Capital analyst Craig Irwin dives in on shares of Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) after attending the California Hydrogen Business Council’s (CHBC) Fuel Cell Summit in Sacramento, CA.

From Irwin’s perspective, the clean tech firm indicated a “robust” forecast for its new fuel cell bus shipments, coupled with other participant perspectives on “multiple positive details” on the Synergy joint venture. These participants have expressed full production is “already achieved.”

Anticipating “visibility for 2017 revenue to continue improving,” the analyst reiterates a Buy rating on BLDP while raising the price target from $2.50 to $3.00, which represents a 28% increase from where the stock is currently trading.

Irwin notes, “Ballard shared expectations for ~300 fuel cell bus shipments over the next 18 months, on top of 300 fuel cell buses fielded globally to date. We understand a large portion of this aggressive ramp is expected to come from demand in China, with healthy demand for deployments in the U.S, Canada, Japan, Europe, and South Korea.”

Moreover, regarding the joint venture, the analyst elaborates, “Management from a large non-competitive company indicated they visited Synergy in the past month, sharing that they were impressed with the 18- month timeline for Synergy to have a fully developed 85-kWh fuel cell engine with production already online.”

“We believe shares of Ballard deserve a premium for the company‚Äôs leadership position in PEM technology,” Irwin concludes.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, analyst Craig Irwin is ranked #3,783 out of 4,184 analysts. Irwin has a 38% success rate and faces a loss of 3.9% in his annual returns. However, when recommending BLDP, Irwin gains 35.7% in average profits on the stock.

TipRanks analytics demonstrate BLDP as a Buy. Based on two analysts polled in the last 3 months, 100% rate a Buy on BLDP. The 12-month price target stands at $3.00, marking a 29% upside from where the shares last closed.screen-shot-10-11-16-at-07-30-pm