NEW YORK (TheStreet) -- Ballard Power Systems (BLDP) fell 4.85% to $5.69, down 29 cents from its previous close of $5.98, on Friday after peer company Plug Power (PLUG) suffered a pair of analyst downgrades.
Roth Capital downgraded Plug Power to "neutral" from "buy" despite raising the target price to $8 from 80 cents. The firm said the company's fourth quarter results, which it announced Thursday morning, indicate the momentum of its bookings is slowing. The firm contends that Plug Power's bookings could still grow at a historic rate, but a large portion of that growth may already have been reflected in the stock. The firm also cautions that some of Plug Power's shipments could be delayed because many of its products will be sent to customers that must still add hydrogen infrastructure, which could take longer than expected.
Cowen, meanwhile, downgraded the stock to "market perform" from "outperform." The firm noted the company's sales should increase this year thanks to strong bookings and gross margins should increase as volumes increase and some costs decrease. But Cowen believes the stock's valuation looked full before trading Friday.
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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 a number of negative factors, 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."