H.C. Wainwright Reaffirms Their Buy Rating on Ballard Power Systems (BLDP)

By Ryan Adsit

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 closed yesterday at $3.09.

Dayal wrote:

“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.”

According to TipRanks.com, Dayal has 0 stars on 0-5 star ranking scale with an average return of -8.7% and a 41.7% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, UQM Technologies Inc, and Orion Energy Systems.

Currently, the analyst consensus on Ballard Power Systems is a Moderate Buy with an average price target of $4.50.

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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 $11.5 million. In comparison, last year the company had a GAAP net loss of $2.89 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.