Ballard Power price target lowered to $3.75 from $5 at CIBC

CIBC lowered the firm’s price target on Ballard Power Systems to $3.75 from $5 and keeps a Neutral rating on the share following the Q4 report. The analyst cites uncertainties around hydrogen adoption and Ballard’s timeline of becoming profitable for the target drop. The firm continues to view widespread adoption of hydrogen as a fuel source “as one of the largest determinants of Ballard’s success.”