Cautious Outlook on Ballard Power Systems: Sell Rating Due to Strategic and Financial Concerns

Tip Ranks
2025.11.13 21:45
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Jeff Osborne from TD Cowen maintains a Sell rating on Ballard Power Systems with a $2.50 price target, citing strategic and financial concerns. Despite a 15% gross margin in Q3 2025, driven by one-time benefits, the underlying margin is negative. The 12-month order book has decreased, and strategic shifts raise questions about long-term growth. Lack of formal revenue guidance adds uncertainty, justifying the cautious outlook.