Why Ballard Power Systems Stock Plummeted by 12% Today
Fuel cell products developer Ballard Power Systems (NASDAQ: BLDP) didn't demonstrate much power on the stock market Wednesday. The company's share price closed more than 12% lower on a recommendation downgrade from an analyst. By contrast, the S 500 index nudged higher, rising by almost 0.1% on the day.
On the heels of Ballard's Capital Market Day, BMO Capital's Ameet Thakkar pushed his recommendation down one peg. He now feels it rates an underperform (sell, in other words); previously he had tagged it with a market perform (hold). Accompanying this change was a shift in price target -- this is now $4.25 per share, from $4.50.
Much of this was due to what Thakkar called a "tactical" factor, as Ballard's shares had increased sharply by 24% from last Friday's close.
Source Fool.com
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