NEW YORK (TheStreet) -- Ballard Power Systems (BLDP - Get Report) hit another one-year high of $5.89 as of 1 p.m. on Wednesday as the company rose in sympathy with the continued surge of Plug Power (PLUG).
Cowen & Co. noted on Monday that the fuel cell manufacturer's deal with Wal-Mart (WMT) could be the first of many such partnerships.
The firm stated that the deal with Wal-Mart, in which Plug Power will roll out more than 1,700 hydrogen fuel cell solutions to power electric lift truck fleets at six of Wal-Mart's North American distribution centers, could lead to deals with other customers, including Coca-Cola (KO), Procter & Gamble (PG), Sysco (SYY), Kroger (KR) and Bayerische Motoren Werke AG.
"The six-site Wal-Mart order is also a framework contract for future sites," the firm wrote in a research note on Monday. "We expect more deals with customers." Cowen also increased its target price to $5.50 from $5.
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TheStreet Ratings team rates BALLARD POWER SYSTEMS INC as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BALLARD POWER SYSTEMS INC (BLDP) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been weak operating cash flow."