The Globe and Mail reports in its Thursday, May 6, edition that Raymond James analyst Michael Glen slashed his share target for Ballard Power Systems by $15 to $25 (all figures U.S.). The Globe's David Leeder writes that Mr. Glen lowered his recommendation to "outperform" from "strong buy." Mr. Glen says in a note: "The lower rating is predicated on near-term visibility, and the need for incremental clarity on the purchase order pipeline which we had originally believed would represent a positive catalyst for the stock (as opposed to the opposite scenario). We want to emphasize that we continue to have a favourable outlook for Ballard, but a more tempered near-term outlook causes us to lower our rating. ... We continue to have a favourable view on Ballard's market positioning and outlook, and believe the company has the right regional relationships (both China and Europe) that will allow them to benefit as more investment dollars are allocated to hydrogen. From that perspective, we continue to see a substantial amount of hydrogen industry activity taking place, and we see a very constructive industry backdrop." The Globe reported on March 13 that Citi had kept Ballard at "buy." It was then worth $26.36.
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