02:10 PM EDT, 08/11/2025 (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 price target at CAD2.60, 6.3x our '25 sales-per-share view (-CAD0.41) using a 0.73x USD/CAD. Our P/S multiple is above BLDP's 3-year average (~5x) on regulatory tailwinds. We lower our '25 sales view by $4M to $90M (LPS to -$0.30 from -$0.29) and cut '26's by $11M to $116M (LPS to -$0.21 from -$0.26). BLDP's backlog fell in Q2 (to $146M) but still provides support, with its 12-month sales backlog of $84M requiring $18M of new sales to hit our N12M sales view ($102M), a reasonable result as OBBBA-related uncertainty fades. We think significant hydrogen market activity remains far off, but cost reductions continue to be important, and we are encouraged by BLDP's target of positive cash flow by YE 27 and its announcement of a new restructuring program that should cut opex by an additional 30% beyond the 30% reductions targeted by its existing restructuring program. The OBBBA provides regulatory tailwinds, extending Section 45-V (the hydrogen PTC) through YE 27 and Section 48-E (the fuel cell ITC) through YE 35.