Ballard Power downgraded to Hold at Lake Street on challenging fuel cell market

Lake Street downgraded Ballard Power (BLDP) to Hold from Buy with a price target of $2, down from $5. While “encouraged” by new management’s goal of cash flow breakeven exiting 2027, the hydrogen fuel cell market is challenging with mixed order activity and headwinds in several markets, so the firm is lowering its rating pending clarity on the roadmap. With $522M in cash, Ballard can weather an extended downturn, though the firm expects continued uncertainty throughout 2025, the analyst added.