KeyBanc Reiterates Sector Weight Rating on Ballard Power Systems (BLDP)

KeyBanc analyst Sophie Karp reiterated a Sector Weight rating on Ballard Power Systems (NASDAQ: BLDP).

The analyst commented, "BLDP reported 2Q earnings, and maintained a target to reach GM positive in 4Q, as a 4Q-weighted year helps with fixed cost absorption. Longer term, however, a combination of higher interest rates, inflation, and policy uncertainty (including the pending final guidelines for 45V) are slowing investments in hydrogen infrastructure and pushing out order timing for BLDP. The Company is managing through this period of softness as it pares back capex for 2024 and could potentially reduce opex next year. We believe that there should be more clarity on clean hydrogen policy following the U.S. elections and once the 45V credits are finalized, but the market adoption could take a decent amount of time even once policy certainty is achieved. We remain Sector Weight."

For an analyst ratings summary and ratings history on Ballard Power Systems click here. For more ratings news on Ballard Power Systems click here.

Shares of Ballard Power Systems closed at $1.84 yesterday.

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