BMO Capital Downgrades Ballard Power Systems, Cuts Price Target By More Than Half

BMO Capital analyst Jonathan Lamers downgraded Ballard Power Systems Inc BLDP to Market Perform from Outperform and lowered the price target to $10 (an upside of 6%), from $23.
Lamers's analysis indicates the company's revenue growth will underperform fuel cell sector leaders through 2022. He expects the market to value the stock more consistently with the mid-point of the fuel cell sector.
Fuel cell adoption in the heavy-duty motive markets Ballard is targeting is likely to be 7% globally in 2030, well below prior expectations for 20%, mentions the analyst.
He also believes 2023 consensus revenue expectations may be too high for Ballard.
Also read: Truist Cuts Price Target For Three Alternative Energy Companies
Price Action: BLDP shares are trading lower by 3.19% at $9.42 on the last check Monday.

Momentum9.89

Growth37.09

Quality-

Value75.09

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Medium

Long

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