Ballard Power price target lowered to $1.40 from $1.60 at CIBC

CIBC lowered the firm’s price target on Ballard Power (BLDP) to $1.40 from $1.60 and keeps an Underperformer rating on the shares. The firm says that given Ballard announced restructuring efforts in September in the face of a challenging operating environment, it shouldn’t have come as much of a surprise that the company reported a weak Q3. While the company is doing what it can in terms of controlling its costs, “the fate of its top line is outside of its control and is largely dictated by policy,” the analyst tells investors in a research note.