Ballard Power rises after Q1 results

Ballard Power Systems

08/05/2024 16:36

** Fuel cell maker Ballard Power Systems'  BLDP.TO  shares
up 3.4% at C$3.99, company's U.S.-listed shares rise 1.9% to
$2.90
    ** Company on Tuesday reported Q1 revenue of $14.5 mln vs
LSEG est of $16.5 mln; adj loss of 14 cents/shr vs est of loss
of 13 cents/shr
    ** Ballard's backlog grew during the quarter on ~$65 mln in
new orders; 12-month order book saw q-o-q rise of 20%
    ** Brokerage Jefferies cuts PT on company's shares to $3.25
from $3.50, says company "sees a couple billion dollar market
opportunity for freight rail in NorAm alone, but growth will be
muted for a year or two as customers continue to validate BLDP's
offering"
    ** TD Cowen raises PT to $2.75 from $2.50, says competitive
pricing strategy on new orders could impede potential for gross
margin expansion
    ** Morningstar maintains PT of $3, expects orders to slow
relative to Q1, but still result in a rising backlog; brokerage
doesn't expect company to reach profitability until late this
decade

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com))