Ballard Power price target lowered to $3.50 from $3.75 at CIBC

CIBC lowered the firm’s price target on Ballard Power to $3.50 from $3.75 and keeps a Neutral rating on the shares. The firm viewed Ballard’s Q1 results as essentially in line, and notes the highlights for the quarter were the commentary around its new manufacturing facility and the significant step-up in the company’s backlog. With that said, it was largely just additional details that were provided, adds CIBC. Nevertheless, these are positive developments for the company and the next key milestone for Ballard will be achieving break-even gross margin in Q4.