MLV Maintains Buy On Ballard Power As Another Bus Award Continues Momentum In Transportation
In a research report published Tuesday, MLV analyst Carter Driscoll maintained a Buy rating on Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) with a $3.00 price target, following today’s news that the company will supply its FCvelocity-HD6 fuel cell modules for 10 hydrogen electric fuel cell buses as part of two projects funded under the Low and No Emission (LoNo) Vehicle Deployment Program by the U.S. Federal Transit Administration (FTA).
Driscoll observed, “Typical average selling prices (ASPs) for the FCvelocity-HD6 have ranged between $350,000-675,000 per module for the 75 and 150 kW gross power output configurations, respectively, absent volume considerations. The modules for these two projects have 150 kW gross power. Given the modest volume associated with this deal but also the higher power output, we expect the ASP to be near the average of the above range. If our assumptions are correct, this implies a total deal value of ~$4.5-5.0M.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Carter Driscoll has a total average return of 3.0% and a 45.8% success rate. Driscoll has a 50.2% average return when recommending BLDP, and is ranked #1785 out of 3476 analysts.