B. Riley analyst Christopher Souther lowered the firm’s price target on Ballard Power Systems to $9 from $11 and keeps a Buy rating on the shares post the Q3 results. The company’s backlog increased from $91.2M at end-Q2 to $101.7M to exit Q3, with growth driven primarily by European orders, Souther tells investors in a research note. Ballard’s opportunity pipeline appears strong but remains longer-term in nature, with 2024 likely the target for a step-change in sales and profitability, says the analyst.
Published first on TheFly
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