Ballard Power price target lowered to $1.50 from $2 at Susquehanna

Susquehanna lowered the firm’s price target on Ballard Power to $1.50 from $2 and keeps a Neutral rating on the shares. The firm updated estimates for the alternative energy space ahead of the Q3 reports. Recent conversations indicate project delays remain a headwind for utility-scale projects, with utility-focused names are at risk of seeing further pushouts into 2025 as project cycle times expand, the analyst tells investors in a research note. Susquehanna says election uncertainty has also weighed on some project sanctioning, particularly with smaller developers. Residential solar demand recovery “remains tepid,” though there are some indications that top-of-the-funnel demand is improving heading into 2025, adds the firm. It now models residential installations declining just over 20% year-over-year for 2024, before rebounding 9% in 2025.