Is Ballard Power (BLDP) One of the Best Hydrogen Stocks to Buy Right Now?

Ballard Power Systems Inc. (NASDAQ:BLDP) is one of the best hydrogen stocks to buy right now. On November 18, Jefferies lifted its price target for Ballard Power Systems Inc. stock to $2.50 from $1.40 and kept a Hold rating on the shares. The decision followed Ballard’s Q3 2025 earnings report in which revenue reached $32.5 million, exceeding the expected $25 million.

The firm noted that the positive surprise came on the back of strong sales in bus and rail products that made up 70% of total revenue. The quarter’s EPS came in at -$0.09, better than the forecasted -$0.113. And adjusted gross margin was slightly negative but outperformed the expected negative 9%.

Jefferies noted Ballard’s plans to expand next-generation fuel cell platforms for bus and heavy-duty uses as a key positive. The analysts highlighted expected growth in data center backup power as part of the reason for the higher target.

Jefferies’ move came just a day after Susquehanna reaffirmed a Hold rating on Ballard’s stock on November 17. The firm also kept the price target at $3.30.

Ballard Power Systems Inc. (NASDAQ:BLDP) is a Canadian company specializing in the design, development, manufacture, and service of proton exchange membrane (PEM) fuel cell products. Its main products are fuel cell modules and stacks used for heavy-duty motive applications, including buses, trucks, rail, and marine transportation.

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Disclosure: None. This article is originally published at Insider Monkey.