Post by
thegreenmile656 on Dec 15, 2022 8:45am
Globe says Thakkar's conviction on Ballard middling
Globe says Thakkar's conviction on Ballard middling
2022-12-09 07:34 ET - In the News
The Globe and Mail reports in its Friday, Dec. 9, edition that BMO Nesbitt Burns analyst Ameet Thakkar rates Ballard Power Systems "market perform" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. Thakkar share target sits at $5.50, which is $3.62 under the consensus (all figures U.S.). Mr. Thakkar thinks Ballard Power's focus on mobility "likely means a longer and potentially more difficult path towards realizing positive margins and EBITDA." He says Ballard Power is the "best way to gain exposure to the fuel-cell based medium-heavy duty mobility market." The BMO stockpicker says in a note: "The company is in the midst of a transitional period that has made building near-term conviction difficult. We forecast robust growth longer term, but for now elect to apply our 'wait-and-see' approach, despite a 50-per-cent decline in Ballard shares year-to-date. Ballard's PEM fuel cell technology, policy support, and key Chinese and European commercial relationships make it a leader in the hard-to-decarbonize heavy-duty mobility sector. ... The lack of near-term revenue and operational performance visibility makes it difficult for us to build conviction."
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