Ballard Power Systems Analysts Slash Their Forecasts After Q4 Results
Portfolio Pulse from Avi Kapoor
Ballard Power Systems Inc. (NASDAQ:BLDP) reported Q4 sales growth of 132% year-on-year to $46.80 million, surpassing analyst estimates but posted a larger loss per share than expected. The company highlighted its transition to a commercial products company and a record number of fuel cell engines shipped. Following the report, analysts from Wells Fargo, HSBC, Susquehanna, BMO Capital, and TD Securities adjusted their price targets on BLDP, generally lowering them. Ballard Power shares fell 5.2% in response.
March 12, 2024 | 6:15 pm
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Ballard Power Systems reported higher than expected Q4 sales growth but a larger loss per share. Analysts adjusted price targets downwards, and shares fell 5.2%.
The mixed Q4 results with higher sales but larger losses than expected, combined with the subsequent analyst downgrades and price target adjustments, likely contributed to the negative investor sentiment and the 5.2% drop in BLDP's share price. The adjustments by analysts from Wells Fargo, HSBC, Susquehanna, BMO Capital, and TD Securities, all indicating a decrease in their price targets, signal a bearish outlook in the short term.
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