Ben Axler, 25 Janury 2018
Spruce Point Capital Management is pleased to announce it has released the contents of a unique research report on Ballard Power Systems (Nasdaq and TSE: BLDP). Spruce Point has conducted a critical business and financial review of Ballard and its Chinese growth ambitions, which has been a key driver of its recent share price out performance. Based on our on the ground China research, in our opinion Ballard is set to disappoint expectations as a result of having selected the wrong Chinese partners, and the market and infrastructure for its products not having developed according to plan
As a result, we have issued a “Strong Sell” opinion and a long-term price target of approximately $1.15 – $2.50 per share, or approximately 35% to 70% downside risk.