Ballard Power price target lowered to $5.00 from $5.50 at Susquehanna

Susquehanna analyst Biju Perincheril lowered the firm’s price target on Ballard Power (BLDP) to $5.00 from $5.50 and keeps a Neutral rating on the shares. The firm said Ballard’s 2Q results were relatively in line, with gross margins coming in better than expected. Management is anticipating sequential revenue improvements in 2H’23, and the company is starting to see increased customer engagement, with repeat orders from Siemens (SIEGY) and CPKC, as well as a partnership with Ford (F).