Ballard Power price target lowered to $4.50 from $5.50 at BMO Capital

BMO Capital analyst Ameet Thakkar lowered the firm’s price target on Ballard Power to $4.50 from $5.50 and keeps a Market Perform rating on the shares. While the company’s ongoing evolution towards higher-volume product sales away from demonstration/consulting projects will take time, its Q4 results were "somewhat disappointing" as its revenue and gross margins imply a lower exit rate than anticipated, the analyst tells investors in a research note.