TD Cowen analyst Jeff Osborne raised the firm’s price target on Ballard Power (BLDP) to $2.50 from $1 and keeps a Sell rating on the shares. The firm said they posted a surprise 15% gross margin in 3Q25, though one-time benefits drove most of the improvement. While bookings softened and the 12-month order book declined, bus and rail remain over 70% of the mix, and the margin outlook for 2026 is improving.
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