Ballard Power price target lowered to $4.10 from $4.50 at HSBC

HSBC lowered the firm’s price target on Ballard Power to $4.10 from $4.50 and keeps a Buy rating on the shares. The company reported an earnings miss in Q4 non-cash inventory impairments but saw good momentum with record orders, the analyst tells investors in a research note. The firm believes Ballard’s current valuation is “excessively discounted for the market leader in hydrogen mobility.”