B.Riley FBR Reaffirms Their Buy Rating on Ballard Power Systems

By Ryan Adsit

B.Riley FBR analyst Carter Driscoll maintained a Buy rating on Ballard Power Systems (NASDAQ: BLDP) today and set a price target of $6. The company’s shares opened today at $3.74.

Driscoll commented:

“Another growth avenue for heavy-duty (HD) mobility. This afternoon, February 28, Ballard (Buy, $6 PT) announced it received a letter-of-intent (LOI) to supply 40 fuel cell engines to its bus OEM partner Van Hool for deployment in two German cities. This LOI is for the first phase of the Joint Initiative for Hydrogen Vehicles (JIVE I) program to deploy fuel cell electric buses in various European cities to deliver cleaner commercial transportation. Ballard expects to receive a purchase order and begin shipping against it in 2H18, but we would expect the bulk of the order to be filled in 2019. We estimate each engine, likely 85 kW, is at least $150k per engine, so this phase of JIVE I could be worth $6 million in revenues. The JIVE I program is funded to build 139 fuel cell electric buses and a second JIVE program, JIVE II, was announced on January 16 and should deliver another 152 buses in seven European countries.”

According to TipRanks.com, Driscoll is ranked 0 out of 5 stars with an average return of -7.3% and a 33.1% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Amer Superconductor, P10 Industries Inc, and Canadian Solar Inc.

Ballard Power Systems has an analyst consensus of Moderate Buy, with a price target consensus of $5.25.

The company has a one-year high of $5.94 and a one-year low of $1.92. Currently, Ballard Power Systems has an average volume of 2.01M.

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Ballard Power Systems, Inc. engages in design, development, manufacture, sale and service of fuel cell products. It provides clean energy fuel cell products enabling optimized power systems for applications. The company was founded on November 12, 2008 and is headquartered in Burnaby, Canada.