Ballard Power initiated with a Neutral at UBS

UBS analyst Manav Gupta initiated coverage of Ballard Power with a Neutral rating and $6.50 price target. Gupta sees the risk/reward relatively balanced for Ballard Power, and while it remains the leader in the heavy duty Proton-exchange membrane fuel cells, its gross margin is trending in the wrong direction, order backlog has been fairly flat, sales will not fully recover until China fully re-opens and FCF neutrality is further down the road vs. other hydrogen players, the analyst tells investors in a research note.