Ballard cut at BMO as fuel cell engine growth seen slower than forecast (NASDAQ:BLDP) | Seeking Alpha
https://sites.google.com/view/carengine-repair/ onurdongel/iStock via Getty Images Ballard Power Systems (BLDP -2.3%) briefly slumps near a 52-week low below $9/share after BMO Capital downgrades shares to Market Perform from Outperform with a $10 price target, slashed from $23, saying the fuel cell engine market "very likely" will prove smaller than previous guidance. BMO's Jonathan Lamers pointed to an internal analysis that suggests fuel cell adoption in the global heavy-duty motive markets targeted by Ballard likely will come in at ~7% in 2030, well below the 20% presented at the company's investor day. "Competition has increased, with most global OEMs having partnered with hydrogen engine suppliers other than Ballard, and a number of upstart fuel cell engine manufacturers in China with support from Toyota," the analyst said. China's government has not yet named all official demonstration regions that will create subsidized demand for fuel cell vehic