The Globe and Mail reports in its Wednesday edition that Citi analyst Vikram Bagri continues to rate Ballard Power Systems "neutral/high risk." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bagri gave his share target a 50-cent trim to $1.50 (all figures U.S.). Analysts on average target the shares at $1.95. Following weaker-than-expected fourth quarter 2024 financial results, Ballard is "sticking to its defensive positioning amidst hydrogen market turbulence" says Mr. Bagri in a research note titled Focusing on the Controllables Amid Challenging Fundamentals. On March 13 Ballard reported quarterly revenue of $24.5-million, falling short of both Mr. Bagri's $31.9-million estimate and the consensus projection of $28.7-million. With lower-than-anticipated expenses offset by weaker gross margins, adjusted earnings before interest, taxes, depreciation and amortization came in at a loss of $36-million, down from a loss of $44.1-million a year ago, which pleased investors, but still fell short of forecasts (losses of $32-million and $35.7-million). Mr. Bagri says in a note, "Cost reductions to preserve cash are starting to take effect with total Opex down 5 per cent year-over-year in the quarter."