Courtesy of Benzinga.
Jennings Capital downgraded Ballard Power Systems Inc. (NASDAQ: BLDP) in a report issued Thursday from Buy to Hold and lowered its price target from $5 to $3.
Analyst Dev Bhangui noted that the company "reported Q3/14 results that were below our and consensus estimates. EPS were ($0.02) versus JCI and consensus of ($0.01). Revenue and gross margin missed our expectations, while opex came in slightly better."
"The GM miss was related to product mix, as we had expected greater revenue contribution from Back-up Power. While Adjusted EBITDA turned positive in Q3; in light of the revenue miss, BLDP cut its FY2014 revenue guidance to a 20 percent increase over 2013, down from previous guidance for 30 percent growth," according to Bhangui.
The report concluded that "BLDP’s long-term prospects remain favorable. However, with management having missed its own Q3 expectations, we remain cautions on Q4."
Bhangui took a "‘wait-and-see’ approach" and "will revisit [his] valuation with the release of FY2015 guidance in Q1."
Ballard Power Systems Inc. recently traded at $2.84, up 2.16 percent.
Latest Ratings for BLDP
Date | Firm | Action | From | To |
---|---|---|---|---|
Oct 2014 | Jennings Capital | Downgrades | Buy | Hold |
Sep 2014 | Sidoti & Co. | Upgrades | Neutral | Buy |
Jun 2014 | Jennings Capital | Initiates Coverage on | Buy |
View More Analyst Ratings for BLDP
View the Latest Analyst Ratings
Posted-In: Dev Bhangui Jennings CapitalAnalyst Color Downgrades Price Target Analyst Ratings