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.
Published first on TheFly
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