B. Riley downgraded Ballard Power Systems (BLDP) to Neutral from Buy with a price target of $4, down from $6, after taking over coverage of the name. Ballard will continue to see challenges to gross margin into 2024 until its volumes and cost reduction initiatives ramp, the analyst tells investors in a research note. The firm says China “remains a source of frustration,” with meaningful market adoption continuing to see delays amid the COVID reopening and slow rollout of government subsidies. With less confidence around a near-term inflection point and revenue acceleration pushed out to the back half of the decade, Riley believes investors looking to invest in the hydrogen fuel cell theme should focus on Plug Power (PLUG.)
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