The Globe and Mail reports in its Thursday, Nov. 9, edition that BMO Capital Markets analyst Ameet Thakkar has reaffirmed his "underperform" recommendation for Ballard Power Systems. The Globe's David Leeder writes in the Eye On Equities column that Mr. Thakkar gave his share target a 15-cent trim to $3.50 (all figures U.S.). Analysts on average target the shares at $5.71. Mr. Thakkar says in a note: "Ballard 3Q results showed sequential [year-to-date] improvement with respect to revenues, gross margins and cash burn. Ballard pointing to inflection to full-year positive gross margins in 2025 which lines up with our estimates. However, we were surprised and somewhat disappointed to see a meaningful sequential decline in both 12-month order book (down 15 per cent) and order backlog (down 9 per cent). The contraction of the 12-month order book is most pressing, in our view, as we think it may imply downside to consensus FY 2024 revenue estimates of $140-million." The Globe reported on July 6 that Citi analyst Vikram Bagri rated Ballard "neutral" in new coverage. He targeted the shares at $4.50. The shares could then be had for $4.30.