Ballard Power Systems (BLDP) Receives a Buy from H.C. Wainwright


H.C. Wainwright analyst Amit Dayal maintained a Buy rating on Ballard Power Systems (NASDAQ: BLDP) today and set a price target of $6. The company’s shares closed yesterday at $3.41.

Dayal said:

“Weichai’s investment is to be followed up with the setting up of a new joint venture, between China, which will pay Ballard $90M in technology transfer related payments, with ith itially owning 51% and 49%, respectively. Broad-Ocean may acquire 10% ownership in this JV from Ballard. As a part of this arrangement Weichai has announced that it will supply a minimum of 2,000 fuel cell modules for commercial vehicles in China by 2021 (primarily in Shandong province). Key takeaways. A new investment from and JV with a major Chinese auto player came as a positive surprise. We believe the Weichai partnership has positioned Ballard to accelerate the commercialization of the company’s next generation, liquid cooled fuel cell technology.”

According to TipRanks.com, Dayal has currently no stars on a ranking scale of 0-5 stars, with an average return of -5.9% and a 39.4% success rate. Dayal covers the Consumer Goods sector, focusing on stocks such as Superconductor Technologies Inc, Pointer Telocation Ltd, and Pacific Ethanol.

Ballard Power Systems has an analyst consensus of Moderate Buy, with a price target consensus of $5.50.

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The company has a one-year high of $5.94 and a one-year low of $2.57. Currently, Ballard Power Systems has an average volume of 711K.

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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.

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