After H.C. Wainwright and Lake Street gave Ballard Power Systems (NASDAQ: BLDP) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst Carter Driscoll maintained a Buy rating on Ballard Power Systems yesterday and set a price target of $5. The company’s shares opened today at $3.81.
Driscoll wrote:
“We derive our $5.00 price target by applying a 5x EV-to-revenue multiple on our 2019 revenue estimate of $153 million. This is at the high end, relative to other public fuel-cell companies that trade at 3x to 5x; but we justify the premium because of Ballard’s Chinese partnerships, deep fuel-cell expertise and IP portfolio, more diverse end markets, stronger margin profile, and global brand.”
According to TipRanks.com, Driscoll has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.0% and a 36.4% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Amer Superconductor, Canadian Solar Inc, and Fuelcell Energy.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ballard Power Systems with a $5.67 average price target, representing a 48.8% upside. In a report issued on August 30, H.C. Wainwright also maintained a Buy rating on the stock with a $6 price target.
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Based on Ballard Power Systems’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.32 million. In comparison, last year the company had a GAAP net loss of $1.2 million.
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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.
