TD Cowen upgrades Ballard Power Systems to 'hold'

TD Cowen upgrades fuel-cell maker Ballard Power Systems BLDP.TO to "hold" from "sell"

Says BLDP has mitigated near-term risks through restructuring, even as 2026 remains challenging for hydrogen fuel cell segment

Adds BLDP's exits from China and Texas, alongside its focus on Europe and North America transit markets, improves outlook; execution remains key

1 of 15 brokerages rate stock "buy", 11 "hold" and 3 "sell"; median PT is $3 - data compiled by LSEG

In 2025, BLDP rose 56%