10:15 AM EDT, 05/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price at $3, on an EV/sales multiple of 3.0x our 2024 sales estimate, a premium to BLDP's trailing-12-month average forward EV/sales of 2.8x. We reiterate our adjusted loss per share (LPS) estimates for 2024 at -$0.52 and for 2025 at -$0.48. BLDP posted a Q1 adjusted LPS of -$0.14 vs. a LPS of -$0.11, in line with consensus, despite a sales miss of 18%. The backlog continues to increase, up 38% Q/Q. BLDP booked $64.5 million of new orders in Q1, following the record order intake of $64.7 million in Q4 2023. Despite the continued shift in revenue mix to power products and the burden of fixed production overhead being spread over seasonally low revenue in Q1, gross margin of negative 37% was a 5%-pt improvement Y/Y. Management reiterated its guidance to achieve break-even gross margin in Q4 2024, as operating scale and product cost improvements start to have a greater impact. We see strong long-term demand tailwinds for hydrogen buses, initially in Europe and followed by the U.S.