H.C. Wainwright analyst Amit Dayal downgraded Ballard Power Systems to Neutral from Buy without a price target. The analyst says Ballard's stock has exceeded his previous price target of $4.50 while the outlook provided on its Q3 earnings call does not materially revise his expectations for the company. Dayal, however, remains bullish on the adoption of fuel cells and the emergence of hydrogen as a growing part of the global energy mix. He also continues to expect Ballard to maintain its leadership in this market. However, at current levels near-term expectations are adequately reflected in the stock price, he contends.