Ballard Power upgraded to Buy at Lake Street on ‘excellent progress’

As previously reported, Lake Street upgraded Ballard Power (BLDP) to Buy from Hold with a price target of $5, up from $3, citing improving order activity in the bus market and the optionality in the data center power-related stationary market. Ballard continues to make “excellent progress” with improving gross margins and order activity, which increases the firm’s confidence that the company can reach the goal of cash flow breakeven exiting 2027, the analyst tells investors.