Wells Fargo notes that Ballard Power provided long-term financial targets at its analyst day and a strategic overview. Ballard Power expects a step change in revenue growth to occur in 2025/2026 driven by order book growth, global decarbonization goals, and reaching price parity with diesel and battery vehicles, Wells notes, pointing out that management also expects gross margin of mid-20% by 2030 and to be gross margin positive by 2025. While the company could benefit from a step change in growth in 2025+, the firm sees limited reason to own the stock now as margins remain negative, and 2024 consensus estimates could be cut. Wells has an Underweight rating on the shares with a price target of $5.
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Published first on TheFly
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