Credit Suisse First Boston Cuts Ballard To Buy
NEW YORK (Reuters) - Credit Suisse First Boston on Monday said it had cut its rating on Ballard Power Systems Inc. to buy from strong buy based on proposed changes to auto-emission laws in California.
CSFB said the California Air Resources Board is to meet Jan. 25 to consider a proposal to reduce levels of zero-emission vehicles auto manufacturers must put into service. Ballard is a leading producer of zero-emission fuel cells for use in transportation.
CSFB said it cut its rating on Ballard due to the uncertainty surrounding the board meeting.
Ballard shares closed on Friday at C$131 on the Toronto Stock Exchange. The stock has a 52-week range of $38 to $210.80.
On Nasdaq its shares closed at US$86 on Friday, amid a 12-month range of $25-1/4 to $144-15/16.
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