Ballard Power downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo analyst Michael Blum downgraded Ballard Power to Underweight from Equal Weight with a price target of $5, down from $6. The analyst has turned positive on the clean energy sector for 2023. While continued Federal Reserve tightening will likely act as a near-term headwind, the fundamental and regulatory backdrop is "much improved" in 2023 and beyond, Blum tells investors in a research note. He recalibrated ratings inn the sector.