Ballard Power price target lowered to $2.30 from $3 at Piper Sandler

Piper Sandler analyst Kashy Harrison lowered the firm’s price target on Ballard Power to $2.30 from $3 and keeps an Underweight rating on the shares. The firm notes the company delivered a mixed financial quarter. Revenues beat PSC/Street by 23/33%, respectively, but the EBITDA loss was larger than expected at $44M thereby missing expectations by 29%.