BMO Capital analyst Ameet Thakkar downgraded Ballard Power to Underperform from Market Perform with a price target of $4.25, down from $4.50, following the company’s capital markets day. The shares have risen 24% since Friday’s close heading into the event and have outpaced primary peers, the analyst tells investors in a research note. However, the event confirmed that Ballard’s inflection to positive gross margins and EBITDA remain further out in time, 2025 and 2028, respectively, says the firm. As such, BMO views the stock’s relative outperformance as overdone.
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Published first on TheFly
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