B.Riley FBR Thinks Ballard Power Systems’ Stock is Going to Recover

By Ryan Adsit

In a report issued on June 12, Carter Driscoll from B.Riley FBR reiterated a Buy rating on Ballard Power Systems (NASDAQ: BLDP), with a price target of $5. The company’s shares closed yesterday at $3.13, close to its 52-week low of $2.63.

Driscoll noted:

“We view the multiple development program’s extension as a positive for Ballard: It delivers high-margin revenue, along with validation of its motive fuel-cell design technologies. The aggregate value of the contract’s extension is in the range of C$80M to C$130M, or $62M to $100M (USD), or ~$23M per year, on average, over the life of the extension.”

According to TipRanks.com, Driscoll ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -7.4% and a 35.5% success rate. Driscoll covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, Enphase Energy, and Plug Power.

Currently, the analyst consensus on Ballard Power Systems is Moderate Buy and the average price target is $5.50, representing a 75.7% upside.

In a report issued on June 12, H.C. Wainwright also maintained a Buy rating on the stock with a $6 price target.

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Based on Ballard Power Systems’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $5.5 million. In comparison, last year the company had a GAAP net loss of $2.94 million.

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Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products. It focuses on power product markets of heavy duty motive, portable power, material handling, and backup power. The company was founded on November 12, 2008 and is headquartered in Burnaby, Canada.