Ballard Power initiated with a Market Perform at BMO Capital

BMO Capital analyst Ameet Thakkar initiated coverage of Ballard Power with a Market Perform rating and $5.50 price target. The company’s 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," Thakkar tells investors in a research note. Despite these positives, the analyst sees heavy-duty mobility as the "last rung of the emerging hydrogen economy that is dependent on substantial upstream development" of hydrogen production, transport storage, and eventually refueling infrastructure. Thakkar thinks Ballard will not be EBITDA positive until fiscal 2028.