As previously reported, Roth Capital analyst Craig Irwin downgraded Ballard Power to Sell from Neutral, while maintained a $3 price target on the shares, as he believes positive China fuel cell market exposure does not justify the valuation. Current valuation is near 15-year highs, and is unlikely to see internet-type multiples last seen in 2001, he contends. While the analyst agrees the company's supply relationships with groups like Weichai and BroadOcean position it well to benefit from China market tailwinds, Ballad does not offer a hydrogen electrolyzer solutions necessary for refueling infrastructure.