Raymond James Cuts Ballard Power Rating

Analyst Peter Tertzakian thinks the company still is a fuel-cell leader, but he's concerned about broad market weakness

Raymond James downgraded Ballard Power (BLDP ) to underperform from market perform.

Analyst Peter Tertzakian cites broad market weakness and the wane in the energy crisis premium. Also, he believes that market expectations regarding the timing and rate of adoption of fuel cell vehicles are likely too optimistic. He says Ballard and Turbo Genset are leaders in their respective fields and he's not challenging the quality of those companies, but his argument is strictly value-based.

For Ballard, he cut the C$110 target to C$45, and cut Turbo Genset's C$31 target to $C$20.

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