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

February 7, 2022 1:38 PM | 1 min read

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.
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Price Action: BLDP shares are trading lower by 3.19% at $9.42 on the last check Monday.