Ballard Power initiated at Cowen, which cites key positives

|About: Ballard Power Systems, Inc. (BLDP)|By:, SA News Editor

Early gains in Ballard Power (BLDP +0.7%) are fading, as Cowen starts coverage of BLDP at Market Perform with a price target of $3.75, slightly below the stock's close at $3.93 last week, as the firm notes some key positives.

BLDP and Volkswagen have a multi-year contract which might be good for C$60M-C$110M in revenue, and a partnership with Anglo American Platinum targets developing home generators for South Africa.

Cowen is looking for a FY 2014 loss of $0.07/share and a 2015 loss of $0.01/share, while seeing respective '14 and '15 revenue of $80M and $97.5M.

After early gains, other alternative energy stocks are mixed: PLUG +1%, FCEL -0.8%, HYGS -3%, ZBB -1.1%.