12:30 AM EDT, 03/15/2024 (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 decrease our 12-month target price by $0.90 to $3.00, which assumes an EV/sales multiple of 2.9x our 2024 sales estimate, below BLDP's trailing-12-months average forward EV/sales of 3.5x. We widen our 2024 loss per share estimate by $0.14 to $0.52 and start our 2025 loss per share estimate at $0.48. BLDP posts Q4 adj. loss per share of $0.17 vs. a loss per share of $0.15, a miss relative to consensus of $0.04. Q4 sales increased 128% Y/Y and beat consensus by 36%. Order backlog fell 3% Q/Q to $130.5 million, as $64.7 million in orders received was offset by $47.1 million in orders delivered and the removal of $21.7 million of previously booked orders from a customer experiencing financing and program delays. The Q4 gross margin was negative 22%, up 8 percentage points Y/Y, but when excluding non-cash inventory provisions, the gross margin was nearly break-even, at negative 1%. In 2024, we anticipate strong growth in the backlog, driven primarily by bus and stationary power verticals.