The Globe and Mail reports in its Friday, Jan. 9, edition that TD Cowen analyst Jeffrey Osborne has upgraded his recommendation for Ballard Power Systems to "hold" from "sell." The Globe's David Leeder writes in the Eye On Equities column that Mr. Osborne continues to target the shares at $2.50 (all figures U.S.). Analysts on average target the shares at $2.74. Mr. Osborne says in a note: "While we expect 2026 to remain a challenging year for hydrogen fuel cells, Ballard has removed near-term negative catalysts through restructuring, OPEX and CAPEX cuts, strategic exits from China and Texas, and a sharpened focus on EU/NA transit markets. Execution remains key, but risk-reward now skews more balanced. Ballard is undergoing a multistep strategy shift to reach positive cash flow by the end of 2027. With new CEO Marty Neese speeding up the process, the company is cutting operating costs, canceling expensive expansion plans, moving away from China, and focusing more on markets and products that fit better. While this is not yet a turning point for growth, it does reduce execution risks and strengthen the balance sheet."