The Globe and Mail reports in its Thursday, June 15, edition that BMO Nesbitt Burns analyst Ameet Thakkar has lowered his recommendation for Ballard Power Systems to "underperform" from "market perform." The Globe's David Leeder writes that Mr. Thakkar believes Ballard's recent outperformance is "overdone." Mr. Thakkar cut his share target back by 25 U.S. cents to $4.25 (U.S.). Analysts on average target the shares at $6.88 (U.S.). Mr. Thakkar says in a note: "In our view [Tuesday's] capital markets day presented few if any incremental negatives or positives. Our downgrade reflects in part a tactical element as Ballard shares have outperformed its primary hydrogen and fuel cell comps BE (Rated – Market Perform) and PLUG (Rated – Market Perform) by 19 per cent and 23 per cent, respectively, after BLDP shares rose by 24 per cent heading into today's investor event. While we don't rely on EV/Sales as our primary valuation methodology for the sector we note that Ballard is trading at a 54-per-cent to 64-per-cent premium on consensus 2025E EV/Sales to PLUG and BE." The Globe reported on March 21 that Mr. Thakkar had reaffirmed his "market perform" recommendation for Ballard, which was then worth $5.37 (U.S.).