In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Ballard Power Systems (BLDP), with a price target of $4.50. The company’s shares closed yesterday at $3.06.
Dayal observed:
“We view the closing of this transaction as an indication of the Chinese market’s seriousness in adopting fuel cells as a contributing solution to the country’s pollution problems. We believe Ballard, with such a prominent domestic partner, is now in a much stronger position to navigate the evolving regulatory and subsidy environment. The deal with Weichai calls for at least 2,000 fuel cell modules to be built and supplied by 2021. We believe delivery against this should begin by 2H19. With this deal closed an important milestone for an important market has been achieved in a timely manner, and the company’s balance sheet has been significantly strengthened. We believe long-term growth drivers for Ballard remain intact.”
According to TipRanks.com, Dayal has currently no stars on a ranking scale of 0-5 stars, with an average return of -9.1% and a 32.2% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Orion Energy Systems, and UQM Technologies Inc.
Ballard Power Systems has an analyst consensus of Moderate Buy, with a price target consensus of $3.80.
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The company has a one-year high of $5.34 and a one-year low of $2.57. Currently, Ballard Power Systems has an average volume of 1.17M.
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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.
