Ballard Power Systems Up on $22M Order

 

Ballard Power Systems Up on $22M Order

Publication Date:11-October-2006
11:30 AM US Eastern Timezone
Source:FuelCellWorks
Ballard Power Systems Shares Soar on New $22M Fuel-Cell Order;
ThinkEquity Affirms Rating NEW YORK -- Shares of fuel-cell maker
Ballard Power Systems Inc. soared Tuesday, as a ThinkEquity analyst
said a new order worth $22 million demonstrates good execution and an
attractive market.

The Canadian company's U.S.-listed shares rose 70 cents, or 12.5
percent, to $6.31 in midday trading on the Nasdaq. The stock has ranged
between $4.04 and $13.14 over the past year.

Late Tuesday, Ballard announced a supply agreement for 2,900 Mark 9 SSL
fuel cells with General Hydrogen Corp. Ballard forecasts shipping one
quarter of the units in 2007, and the rest in 2008. The fuel cells will
go into General Hydrogen's products that are being sold to customers
converting from conventional lead-acid batteries.

"With this contract, the company has met sales expectations for 2006
and continues to demonstrate solid execution in capturing the near-term
opportunity in the materials handling fleet market," ThinkEquity
Partners analyst David Edwards wrote in a research note.

He maintained his "Accumulate" rating and $7 price target, saying the
order fits into his forecast assumptions. His estimates include an
anticipated $49 million in revenue for the industrial truck segment in
2007 and 2008, he said.

 



lkgeo1 wrote:


Someone here is going to go broke.

Graham

 

http://www.plugpower.com/news/pdf/mps_mar06_fuel_low.pdf
Eeyore wrote:

 

Eeyore wrote:


Not me.  I bought Ballard years ago, and already lost most of my
investment :-)  There's nowhere to go but up for me!
--
derek