Ballard Power price target raised to $2 from $1.50 at Wells Fargo

Wells Fargo raised the firm’s price target on Ballard Power (BLDP) to $2 from $1.50 and keeps an Underweight rating on the shares. The firm notes Q4 gross margin/EBITDA was above estimates, while revenue was in line. Ballard is looking to use PEM fuel cells for backup power for data centers. Strategic cost reduction initiatives are mostly complete, Wells adds. The firm also points out the company received a large follow-on bus order.