Ballard Power price target lowered to $3 from $4 at Susquehanna

Susquehanna lowered the firm’s price target on Ballard Power to $3 from $4 and keeps a Neutral rating on the shares. The firm said 4Q revenue exceeded expectations, but non-cash inventory charges weighed on margins but excluding this impact, margins would have approached breakeven. 2024 guidance was mostly in-line with expectations, and management expects margins to gradually improve during the year and achieve breakeven or profitability in 4Q 2024.