CIBC lowered the firm’s price target on Ballard Power (BLDP) to $1.20 from $1.40 and keeps an Underperformer rating on the shares. The firm has a cautious stance on Ballard heading into 2025. Even prior to the U.S. election there were few signs to suggest an improvement in hydrogen adoption, and looking over the next four years, CIBC does not expect much support from a regulatory perspective, the analyst tells investors in a research note. The firm points out the company’s backlog has declined quarter-over-quarter for the last three quarters and that is continues to draw down on cash without a line of sight to cash generation.
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Read More on BLDP:
- Ballard Power’s (BLDP) Cash More than Makes Up for Poor Near-Term Prospects
- Ballard Power price target lowered to $1.40 from $1.60 at CIBC
- Ballard Power Systems Faces Revenue Decline in Q3 2024
- Ballard Power Systems Restructures Amid Revenue Decline
- Ballard Power reports Q3 adjusted EPS (19c), consensus (13c)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
