The Globe and Mail reports in its Tuesday, Jan. 12, edition that Raymond James analyst Michael Glen has boosted his rating for Ballard Power Systems ($28.96) to "strong buy" from "outperform" (all figures U.S.). The Globe's David Leeder writes in the Eye On Equities column that Mr. Glen elevated his share target to $40 from $28. Analysts on average target the shares at $26.35. Mr. Glen says he expects "substantial" company-specific and hydrogen industry catalysts to come in 2021. Mr. Glen says in a note: "In previous publications we have described 2021 as a 'watershed moment' in the history of the hydrogen economy. One short week into 2021, and we are already seeing this play out in a substantial way. As many investors will have seen, last week U.S. based hydrogen peer Plug Power announced a $1.5-billion direct equity investment from SK Group, a large South Korean industrial conglomerate. Perhaps to no surprise, this announcement triggered large moves across most hydrogen stocks, Ballard included. ... When we look at Ballard's relationships, strategic alignments, and investment focus, we see a company that is exceptionally well positioned as substantial investment dollars are allocated toward hydrogen."
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