TD Cowen analyst Jeff Osborne has maintained their bearish stance on BLDP stock, giving a Sell rating yesterday.
Jeff Osborne’s rating is based on a combination of factors including the decline in revenue and order intake, which were attributed to seasonal fluctuations and delays. Despite improvements in gross margins and EBITDA, the margins remain negative, and the company has not provided formal guidance.
Furthermore, while there is potential for cost reductions and efficiency improvements with Project Forge, these benefits are expected to be realized gradually over time. The strategic adjacencies, such as data centers, are still in the early stages and have not yet generated revenue, contributing to the cautious outlook.
In another report released yesterday, Wells Fargo also maintained a Sell rating on the stock with a $1.00 price target.