Ballard Power Systems

BLDP · TORONTO

$1.47−$0.02 (−1.34%)TodayMarket closed · Oct 23, 7:57 PM ET

Prev close $1.49

BLDP analyst rating

HoldConsensus of 5 analysts over the last 12 months. 20% rate it a buy.

Strong buy0
Buy1
Hold3
Underperform1
Sell0

12-month price target · 3 analysts

Average $4.67 (+217.9% upside)

Low: $4.63
Now: $1.47
High: $4.81

Upgrades and downgrades

The latest rating actions, newest first

BLDP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Susquehanna	Oct 14, 2026	Maintains	Neutral	$3.00 → $2.00	51%
UBS	Sep 30, 2026	Maintains	Neutral	$6.50 → $2.15	61%
Susquehanna	Aug 10, 2026	Maintains	Neutral	$3.50 → $3.00	51%
Susquehanna	Jul 10, 2026	Maintains	Neutral	$4.25 → $3.50	51%
Susquehanna	May 20, 2026	Maintains	Neutral	$2.60 → $4.25	51%
TD Cowen	May 6, 2026	Maintains	Hold	$2.50 → $4.25	23%
Lake Street	May 5, 2026	Upgrade	Hold → Buy	$3.00 → $5.00	50%
Wells Fargo	Mar 27, 2026	Maintains	Underweight	$1.50 → $2.00	45%

The case for and against

Updated Feb 2, 2026

Bull case

Ballard Power Systems is positioned to benefit from anticipated robust growth in its Motive segment, driven by supportive policy and legislative incentives, particularly in key regions like Poland and the United States. The company's successful restructuring efforts are projected to result in a significant 24% reduction in operating expenses by 2026, contributing to a more favorable financial outlook. Furthermore, Ballard Power Systems is expected to achieve modest positive free cash flow by the second half of 2027, underscoring the positive trajectory in its financial performance.

Bear case

The analysis indicates a negative outlook for Ballard Power Systems Inc. due to ongoing financial challenges, including expected negative earnings per share (EPS), free cash flow, and EBITDA for several years, leading to a reduction in revenue estimates for FY 2025 and 2026 by 12% and 15%, respectively. The company also experienced a significant decline in its backlog, with net new orders of only $6.1 million, resulting in an overall decrease in the 12-month and total order book by 9% and 7% quarter-over-quarter, respectively. Furthermore, Ballard's persistent annual operating losses, accumulated deficits, and reliance on a price-to-sales valuation amidst low confidence in achieving profitability contribute to the negative outlook for the stock.

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