Ballard Power price target lowered to $19 from $32 at Lake Street

Lake Street analyst Robert Brown lowered the firm’s price target on Ballard Power to $19 from $32 and keeps a Buy rating on the shares. Although Q3 results were below expectations due to timing, macro trends remain strong and Ballard has "built an excellent foundation of partnerships and products" and is seeing traction in its four key markets, Brown tells investors. His reduced price target reflects multiple compression in the space and a higher discount rate, the analyst noted.