Broker Recommendations

07-02 Ballard Power Systems Price Target Raised to US$5.25 at ATB MT
05-06 Ballard Power Target Raised To US$4.75 From $3.15, Keeps Sector Perform at National Bank Which Notes "Strong Start to FY26 as Cost Actions Drive Sustainable Margin Gains" MT
01-09 TD Cowen Upgrades Ballard Power Systems to Hold From Sell, Adjusts Price Target to CA$3.47 From CA$3.44 MT
11-13 Ballard Power Brief: Lower Capital Expenditure outlook range of US$8-$12 Million compared to previous estimate of $15-$25 Million MT
11-13 Ballard Power Brief: Q3 2025 Revenue of US$32.5 million MT
22/10/25 UBS Raises Price Target on Ballard Power Systems to $3.50 From $1.40, Keeps Neutral Rating MT
12/08/25 BMO on Ballard Power Systems' Outlook MT
17/06/25 Update On Ballard Power Systems; National Bank On Announcement of New CEO to Navigate Market Turbulence MT
12/05/25 UBS Adjusts Price Target on Ballard Power Systems to $1.40 From $2, Maintains Neutral Rating MT
17/04/25 Ballard Power Shares Fall After Downgrade From Citigroup MT
17/04/25 Citigroup Downgrades Ballard Power Systems to Sell From Neutral, CA$2.15 Price Target MT
14/03/25 BMO on Ballard Power's Q4 MT
09/12/24 National Bank on Ballard Power Systems' Deal With Stadler Rail MT
06/11/24 HSBC Downgrades Ballard Power Systems to Hold, Price Target is CA$2.64 MT
03/10/24 UBS Adjusts Price Target on Ballard Power Systems to $2 From $3.50, Maintains Neutral Rating MT
13/08/24 Ballard Power Target Cut to US$3 at National Bank MT
13/08/24 Wells Fargo Trims Ballard Power Systems Price Target to $2 From $3, Maintains Underweight Rating MT
13/08/24 CIBC Downgrades Ballard Power Systems to Underperform From Neutral MT
13/08/24 TD Cowen Downgrades Ballard Power Systems to Sell From Hold, $1.50 Price Target MT
13/08/24 Truist Adjusts Price Target on Ballard Power Systems to $2 From $3, Maintains Hold Rating MT
13/05/24 UBS Adjusts Ballard Power Systems Price Target to $3.50 From $3.75, Maintains Neutral Rating MT
08/05/24 National Bank Trims Ballard Target to US$4, Maintains Sector Perform MT
07/05/24 Truist Securities Trims Ballard Power Systems' Price Target to $3 From $3.50, Maintains Hold Rating MT
07/05/24 Truist Securities Maintains Hold Rating, US$3.50 Target on Ballard Power After Q1 MT
02/04/24 UBS Trims Ballard Power Systems Price Target to $3.75 From $4, Maintains Neutral Rating MT
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