Citi analyst Vikram Bagri initiated coverage of Ballard Power Systems with a Neutral rating and $4.50 price target. The company is primarily focused on hydrogen adoption in the mobility sector, where demand may reach an inflection point in 2026-2027, the analyst tells investors in a research note. Until them, Ballard will focus on reducing costs and “slowly make progress” towards EBITDA breakeven, says Citi. The firm expects the company’s gross margin to turn positive in 2025 and EBITDA to breakeven in 2028.
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