Truist Initiates Coverage On Ballard Power, Sees 12% Upside

• Truist analyst Tristan Richardson initiated Ballard Power Systems Inc (NASDAQ: BLDP) with a Hold rating and a price target of , implying an upside of 12%.

• Richardson cites expectations of accelerating positive trends in Solar & Energy Storage, with global policy frameworks around decarbonization driving policy support, along with expectations of 20% growth in residential installations for 2022 and 2023 after a "substantial rebound" coming in 2021.

• He further adds that Ballard Power represents a "premium play" within the fuel cell space given its "lofty targets" over the next decade as it offers investors exposure to fuel cell electric vehicles in China, Europe, and California, but given the "uncertain pace" of the hydrogen market.

• Recently, Ballard Power Systems signed an Equipment Supply Agreement to provide 8 of its 70-kilowatt FCmoveTM-HD fuel cell modules to Madrid-based Talgo S.A. for trials of its Talgo Vittal-One commuter and regional passenger train.

• Price Action: BLDP shares are trading higher by 1.61% at $15.94 on the last check Friday.

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