TD Cowen Reiterates Sell Rating on Ballard Power Systems (BLDP)

TD Cowen analyst Jeffrey Osborne reiterated a Sell rating and $1.00 price target on Ballard Power Systems (NASDAQ: BLDP)

The analyst comments "Positives: The new CEO is taking a fresh look at the portfolio, expense levels, and disciplined pricing. The July 31 opex cut of 30% (HERE) comes on the heels of the September 12, 2024 cut of a similar magnitude executed under prior leadership (HERE). Management noted an increased focus on bus, rail, and marine (likely in that order) relative to trucks, which was positioned as a market opportunity beyond 2030, and we believe the most aggressively priced historically. Negatives: We would have expected more detail on restructuring charges and a detailed walk on how opex will be reduced by 30% in 2026 relative to 1H25. Investors need to have comfort that Ballard does not lose its technology development and cost reduction efforts while waiting for some elusive fuel cell applications to emerge."

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 $1.80 yesterday.

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