According to The Fly, ballard Power Systems Inc (BLDP) has received a rating update from a Wall Street analyst today. The company received a Hold rating from B.Riley FBR’s analyst Carter Driscoll.
Driscoll wrote:
“Earlier today, 11/13, Ballard Power (BLDP—Neutral, C$3.00 PT) announced it has closed its multi-pronged collaboration with Chinese auto conglomerate Weichai Power Co., Ltd. The deal contains many moving parts described in greater detail below, but the main points are as follows: 1) Weichai made a sizable equity investment in BLDP of ~$163M, and Broad-Ocean purchased ~$20M worth of shares. 2) BLDP and Weichai will form a joint venture (JV) in the Shandong Province that pays C$90M to BLDP . 3) Weichai committed to build and supply at least 2,000 fuel cell modules for commercial vehicles in China. This partnership represents a significant step in positively re-shaping China’s future as a leader in fuel cell electric vehicles (FCEVs).”
According to TipRanks.com, Driscoll is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -8.8% and a 31.8% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and Canadian Solar Inc.
Ballard Power Systems Inc has an analyst consensus of Moderate Buy.
The company has a one-year high of C$6.74 and a one-year low of C$3.44. Currently, Ballard Power Systems Inc has an average volume of 314.4K.
Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products. It focuses on power product markets of heavy duty motive, portable power, material handling, and backup power. The company was founded on November 12, 2008 and is headquartered in Burnaby, Canada.
The company’s shares closed on Wednesday at C$3.82, close to its 52-week low of C$3.44.
