The Globe and Mail reports in its Wednesday, Feb. 28, edition that Citi analyst Vikram Bagri continues to rate Ballard Power Systems "neutral." The Globe's David Leeder writes that Mr. Bagri slashed his share target back by a buck to $3.50 (all figures U.S.). Mr. Bagri expects Ballard Power to report break-even gross margins for the fourth quarter of 2023, which he predicts could "generate a sharp positive reaction given the myriad of negative headlines in the sector that have pressured the stock to trade marginally above its per share value of cash on the B/S." Ahead of the March 11 release of the Vancouver-based company's quarterly report, Mr. Bagri is estimating revenue of $40-million, above the Street's expectation of $34-million, which he called "conservative" given $39-million was implied in its guidance. Mr. Bagri's forecast is above the quarterly run-rate of $37.5-million to $40-million required for break-even gross margins. Mr. Bagri says in a note: "We like Ballard's strategy of targeting the truck and bus market in Europe, California, and China. However, we think growth and profitability are likely back-end loaded. Furthermore, the company is reliant on the build-out of hydrogen delivery infrastructure."