Ballard Power price target lowered to $6 from $7 at Truist

Truist analyst Jordan Levy lowered the firm’s price target on Ballard Power to $6 from $7 and keeps a Hold rating on the shares ahead of its Q4 results this week. The company has announced several orders and agreements that span its target markets geographies, but Truist sees higher risk of orders being pushed out to 2024 or later given the current macro backdrop and reduced levels of customer spend, the analyst tells investors in a research note. Ballard’s negative gross margins should persist through late 2023 on lower sales volumes and competitive pricing headwinds, the firm added.