In a report released today, Jeff Osborne from TD Cowen maintained a Sell rating on Ballard Power Systems, with a price target of $2.50.
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Jeff Osborne has given his Sell rating due to a combination of factors that highlight concerns about Ballard Power Systems’ future performance. Despite a surprising 15% gross margin in the third quarter of 2025, this was largely driven by one-time benefits, and the underlying margin remains slightly negative. The company’s 12-month order book has decreased, indicating potential challenges in sustaining revenue growth.
Additionally, while there is a strategic shift towards focusing on North America and Europe, the decision to abandon the Texas Gigafactory and reduce involvement in China raises questions about the company’s long-term growth strategy. The lack of formal guidance on revenue or order cadence further adds uncertainty. These factors contribute to a cautious outlook, justifying the Sell rating.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BLDP in relation to earlier this year.