-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We increase our target price from $3.00 to $4.70, applying a price-to-sales multiple of 13x our 2026 sales-per-share view of $0.36. We adjust our 2026 loss per share (LPS) estimate to -$0.19 from -$0.23 and our 2027 LPS view to -$0.11 from -$0.15. BLDP reported Q1 2026 revenue of $19.4M, up 26% Y/Y, driven by strong growth in rail (up 4,472% to $5.1M) and stationary power (up 775% to $5.2M), though Bus revenue declined 46% to $6.8M due to delivery timing and EU funding delays. Q1 results showed encouraging metrics, and we see potential upside from major design wins with Wrightbus and Solaris for next-generation hydrogen bus platforms and a multiyear 50 MW agreement with New Flyer. However, its declining backlog remains a concern. The 12-month order book declined 2% to $52.8M, while the total backlog fell 5% to $112.9M. We applaud improving gross margin trends, reflecting successful execution of its cost reduction initiatives.