Ballard Power price target lowered to $2 from $3 at Truist

Truist lowered the firm’s price target on Ballard Power to $2 from $3 and keeps a Hold rating on the shares after its Q2 results and reduced FY24 capex outlook. The company’s investment story currently is “much like the chicken or the egg problem” with hydrogen production – in order to get to volumes to scale, Ballard needs to grow its manufacturing footprint, but the current market adoption of its products aren’t at levels needed to support the investment, the analyst tells investors in a research note.