Ballard Power initiated with a Hold at HSBC

HSBC initiated coverage of Ballard Power with a Hold rating and $4.50 price target. Hydrogen is an enabling fuel and technology for a clean economy, the analyst tells investors in a research note. The firm sees U.S. clean hydrogen production capacity accelerating on the back of billions of dollars in federal stimulus. The firm says Ballard is a pure play on PEM fuel cells and hydrogen demand.