Ballard Power price target lowered to $1.20 from $1.40 at CIBC

CIBC lowered the firm’s price target on Ballard Power (BLDP) to $1.20 from $1.40 and keeps an Underperformer rating on the shares. The firm has a cautious stance on Ballard heading into 2025. Even prior to the U.S. election there were few signs to suggest an improvement in hydrogen adoption, and looking over the next four years, CIBC does not expect much support from a regulatory perspective, the analyst tells investors in a research note. The firm points out the company’s backlog has declined quarter-over-quarter for the last three quarters and that is continues to draw down on cash without a line of sight to cash generation.