The Globe and Mail reports in its Wednesday edition that BMO Nesbitt Burns analyst Jonathan Lamers began coverage of Ballard Power Systems ($35.86) with an "outperform" rating (all figures U.S.). The Globe's David Leeder writes that Mr. Lamers targets the shares at $39. Analysts on average target the shares at $30.46.
Mr. Lamers says in a note: "Ballard is the leading global developer of proton-exchange membrane fuel cell systems for commercial vehicles, and is set for rapid long-term growth, as the Weichai JV in China and the European heavy-duty truck markets scale up. We note a number of near-term uncertainties and in consideration for the recent rise in valuation, initiate monitoring for a favourable entry point." The Globe reported on Oct. 28, 2020, that Erica Lau at North Growth Management was keen on Ballard. The shares were then worth $52.77. The Globe reported on Nov. 11, 2020, that H.C. Wainwright & Co. analyst Amit Dayal downgraded his rating for Ballard to "neutral" from "buy." The shares were then worth $57.37. The Globe reported on Jan. 12, 2021, that Raymond James analyst Michael Glen had boosted his rating for Ballard to "strong buy" from "outperform." The shares were then worth $28.96.
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