Ballard Power price target lowered to $3 from $3.75 at TD Securities

TD Securities lowered the firm’s price target on Ballard Power to $3 from $3.75 and keeps a Hold rating on the shares following the Q4 report. The analyst says Ballard’s gross margins were negatively impacted by non-cash inventory write-downs and contract provisions. The company deploying capital ahead of policy clarity increases the risk profile, adds the firm, which notes the company’s Weichai joint venture manufacturing facility in China has not met its demand expectations.