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Ballard Power Systems Inc
Symbol BLDP
Shares Issued 282,078,177
Close 2021-01-20 C$ 44.52
Recent Sedar Documents

Globe says new coverage rates Ballard Power "buy"

2021-01-21 09:08 ET - In the News

The Globe and Mail reports in its Thursday, Jan. 21, edition Citi analyst P.J. Juvekar began coverage on Ballard Power Systems ($35.26) with a "buy" rating, calling it the "undisputed leader in heavy duty mobility" (all figures U.S.). The Globe's David Leeder writes in the Eye On Equities column that Mr. Juvekar set a share target of $42. Analysts on average target the shares at $31.24. Mr. Juvekar says in a note: "After decades of false starts, the hydrogen economy is set to accelerate after the Democratic win. Ballard is focused on fuel cell electric vehicles for heavy duty applications including buses, trucks, rail, and marine with a $130-billion total addressable market by 2030. We conservatively model BLDP sales achieving 2-per-cent global share by 2030. We anticipate growth will be back-end loaded and earnings will not breakeven before 2023. We expect shares to be volatile with the recent run-up and recommend them for long-term investors. The key risk is that Ballard's growth depends on its partners scaling up hydrogen infrastructure as Ballard is not back-integrated into hydrogen production." The Globe reported on Jan. 12 that Raymond James rated Ballard to "strong buy" when it was worth $28.96.

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