The Globe and Mail reports in its Thursday edition that Citi analyst Vikram Bagri says after "multiple false starts," the move toward hydrogen "appears real." The Globe's David Leeder writes that Mr. Bagri commenced coverage on Ballard Power Systems with a "neutral" recommendation and $4.50 (U.S.) share target. Analysts on average target the shares at $6.61 (U.S.). Mr. Bagri says in a note: "BLDP is a leader in PEM based fuel cells for stationary power storage and for medium and heavy mobility including buses, trucks, trains, and marine vessels with combined projected TAM of $16-billion in 2030. [It] has sufficient liquidity for near to medium term capital plans, right technology, improving cost structure, strong customer relationships and industry leading market share in its target markets. However, we believe the widespread adoption of H2 FC in BLDP's target markets is still far away (2026-27). The mobility customers lack clear and tangible economic incentives as well as the necessary infrastructure to switch to H2 in the foreseeable future. However, the stock price trading at close to per share value of cash on the balance sheet already reflects the absence of inflection demand in the near to medium term."