Ballard Power -world leader zero-emission PEM fuel cells Message Board

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Technology Stocks : Ballard Power -world leader zero-emission PEM fuel cells

BLDP 2.650

+1.3%

Jan 22 3:59 PM EST

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To: HarveyO who wrote (4124)	4/27/1999 5:08:00 PM
From: HarveyO	Read Replies (1) of 5827

More on the Morgan Stanley Upgrade NEW YORK (Dow Jones)--Ballard Power Systems Inc. (BLDP) shares rose 12% earlier Tuesday after Morgan Stanley Dean Witter raised its price target for the British Columbia-based firm. Morgan Stanley analyst Robert Chewning raised his 12-month price target to $40 from $33, or to C$60 from C$50. Ballard's U.S. shares recently traded up 2 3/4, or 8.3%, to 35 3/4 on Nasdaq volume of 1.1 million shares, above average daily volume of 294,400. Shares have traded between 16 and 40 3/4 over the last 52 weeks. Chewning raised his targets following announcements made last week that should prove positive for the developer of proton-exchange fuel-cell power systems. Fuel cells produce electricity through the chemical reaction of hydrogen and oxygen. Ballard is part of a newly formed California Fuel Cell Partnership which includes DaimlerChrysler AG (DCX), Ford Motor Co. (F) and the state of California. The partnership plans to place about 50 fuel-cell vehicles on the road between 2000 and 2003. It will work with California transit agencies to test about 25 buses. The vehicles will use Ballard fuel cells and will be powered with engines and electric drives developed by Ballard's alliance partners. "The news strengthens our belief that commercial introduction of passenger automobiles powered by Ballard's PEM fuel cells will commence in 2004 and that, longer term, the fuel cell engine will eventually replace the internal combustion engine for automotive applications," Chewning said in a research note.

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