Ballard Power price target lowered to $4 from $4.50 at Raymond James

Raymond James analyst Michael Glen lowered the firm’s price target on Ballard Power to $4 from $4.50 and keeps a Market Perform rating on the shares. Ballard reported Q4 that tracked below the firm’s expectations, with an offset from the Stationary vertical the offered strength on elevated shipments to customers in Europe, the analyst tells investors in a research note. The firm thinks that Ballard would be best served investing more aggressively in European or U.S. production capacity, as these regions now represent the bulk of company activity.