Ballard Power Systems (BLDP) Receives a Buy from H.C. Wainwright

By Austin Angelo

In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Ballard Power Systems (BLDPResearch Report), with a price target of $4.50. The company’s shares opened today at $3.13.

Dayal noted:

“The company continues to make progress in its heavy-duty motive market in North America. It has been successful in making inroads into other vertical markets as well, including rail and marine. We expect the company’s revenues to grow at a six-year CAGR of approximately 35.3% from $99.7M in 2019 to $612.3M in 2025. We value the company’s shares using a discounted cash flow (DCF) model and a discount rate of 9.6% derived from the weighted average cost of capital (WACC) for the company.”

According to TipRanks.com, Dayal is ranked 0 out of 5 stars with an average return of -5.5% and a 44.5% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Orion Energy Systems, and UQM Technologies Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ballard Power Systems with a $3.75 average price target.

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Based on Ballard Power Systems’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $11.48 million. In comparison, last year the company had a GAAP net loss of $5.5 million.

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Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. It focuses on power product markets of heavy duty motive, portable power, material handling, and backup power, as well as the delivery of technology solutions.